US President Joe Biden delivered the 'State of the Union speech in the US Parliament on March 2. In his speech, Biden said- 'Putin has no idea how much damage will be done to Russia by these sanctions. Putin is getting an edge on the battlefield, but he will pay the price in the long run.
At present, the proportion in which Russia's army is dominating Ukraine, accordingly the sanctions on Russia are also increasing. From the playground to airspace, from ousting SWIFT to confiscation of billionaires' wealth; Efforts are on to put pressure on Russia through sanctions.
Three types of economic sanctions on Russia, all three are effective
1. Prohibition on financial transactions of public sector banks
How much Russia has suffered due to the ban imposed on public and private banks, can be understood from the fact that the government has confiscated about Rs 10.97 lakh crore of Russia's VTB Bank in the United Kingdom.
Like the UK, the US has also confiscated Rs 6.05 lakh crore of Russia's top financial institutions Novicom, Sovocom, OTCriti. A total of 11 countries have largely banned financial transactions of Russian banks. At the same time, assets of more than half a dozen Russian banks and other institutions have been confiscated in European countries.
So far, the Russian ruble has broken down by 30% due to sanctions imposed on banks and businesses. Not only in the short term but also the long term, this is going to have a bad effect on the Russian economy.
2. Ban on import-export and business of private companies
There was a total trade or trade of Rs 21.40 lakh crore between Russia and European countries in the 2021 fiscal year. This is 35.7% of the total trade of Russia. Russia has a trade of Rs 2.61 lakh crore in the year 2021 from America. If the trade of American and European countries is combined, then a total of more than 24 lakh crore rupees is traded from Russia annually.
At the same time, the GDP of Ukraine is Rs 11.77 lakh crore. Meaning that the trade deficit that Russia is going to suffer from this war is more than the total GDP of Ukraine. However, it is bound to have an impact on European countries as well.
In such a situation, it is clear that due to the sanctions imposed by European countries and America, about 40% of Russia's global trade will be affected.
3. Getting Russia out of SWIFT
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a network of 200 countries of the world, which operates online transactions of more than 198 banks.
After the separation from SWIFT, the Russian Central Bank and other banned banks will no longer be able to conduct financial transactions with banks in other countries in any way. In such a situation, now Russian businessmen, government or private companies, or Russian people will have difficulty in paying bills after buying goods in other countries. This will have a direct impact on Russia's export-import.
personal restrictions
Strict sanctions were imposed on 195 people of Russia including Putin
The UK has imposed sanctions against 195 people living in Russia. Of these, the properties of 9 people have also been confiscated. At the same time, America has also banned Putin and 6 people from his family. European Union countries have also imposed sanctions on 26 Russians. America has talked about the confiscation of Putin's assets.
In such a situation, it is being claimed in the media report that there is less property abroad in the name of Putin. Most of the property is in the name of their relatives or people connected with them. In such a situation, the question arises that how will America and European countries confiscate Putin's assets?
The answer to this question is found in the report of 'The Bureau of Investigative Journalism, which claims that Putin has shares in Russia's big oil and gas company Gazprom and Surgutneft Gas.
In such a situation, the US and European countries can confiscate the assets related to these companies. Similarly, sanctions have been imposed on other Russian businessmen or government officials. Most of the businesses of Russian businessmen are in Europe. Due to the restrictions imposed on them there, they and their country will have to suffer a lot.
Ban on sports, entertainment, and technology
After the war, Russia has not only been banned on an economic and personal level but also in the field of art and sports, Russia has been isolated from a large part of the world. Something like this is going to affect Russia…
Russia ranks 35th worldwide in the football game. After 24 February, the international football body FIFA and the European Football Association (UEFA) have banned Russia.
Russia has been dealt a blow by the organizers of the Formula One race. Due to the attack on Ukraine, this event will no longer be held in Russia.
The Russian team has been barred from participating in UK motor sports events.
Russia cuts air links with 38 countries
After the war started, 38 countries of the world including America, Britain, European Union banned the flight of Russia in their airspace. In response, Russia announced the severance of air links with 36 countries. Russia accounts for 6% of the world's airlines in 2021.
In such a situation, the direct impact of the ban on Russian flights is bound to fall on the aviation department of Russia and the airlines there. With this, the Russian Airlines fleet has the highest number of Boeing 332 and Airbus 304 aircraft. Both these companies have stopped sending parts of the planes to Russia. This would make it difficult for Russia to operate the airline. Although this restriction may be removed from some countries after some time after the end of the war, by then Russia would have lost millions of crores of rupees.
Russia's economy was directly affected by sanctions in 2014
When Russia annexed Crimea in 2014, European countries still imposed sanctions on Russia. Because of this, the economy of Russia had a great impact. Before the 2014 sanctions, trade or trade between Russia and the European Union accounted for 22% of Russia's GDP and 3% of the EU's GDP.
The impact of the sanctions was more on Russia's economy than the European Union. Trade on both sides had come down to just 14% of Russia's GDP. However, in 2014, the European Union had wisely imposed sanctions in such a way that it did not affect the exports of their countries much.
This time the situation is different. A complete imposition of sanctions will have an impact on the European Union's economy, but Russia's economy is sure to have more impact than in 2014.
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