Russia surpassed Iran, North Korea, Cuba, Venezuela and Myanmar to become the most sanctioned nation, according to a report by Bloomberg. The news agency in a report outlined that 2,778 new sanctions designations made against Russia by the US and its western allies made it the most sanctioned nation ever.
Russia faces 5,530 sanctions according to a report by Bloomberg which cited Castellum.ai, a global sanctions-tracking database. Iran follows Russia with 3,616 sanctions accumulated in the past decade. Russia faced more than half of those sanctions over one week after Russian president Vladimir Putin announced a military operation in Ukraine.
Peter Piatetsky, while speaking to Bloomberg, highlighted that this is a financial nuclear war as sanctions have taken Russia from being a participant in the global economy to being a financial Pariah. The official, who served US president Obama and Trump, also founded Castellum.ai.
“Russia went from being part of the global economy to the single largest target of global sanctions and a financial pariah in less than two weeks,” Piatetsky was quoted as saying by news agency Bloomberg.
The sanctions are also a way, according to the report, to prevent NATO and US soldiers from directly fighting Russian forces for a non-NATO ally. Russia sounded warning over the sanctions of the Russian entities like Sberbank and state financial institutions as well as the oligarchs. “It is akin to a declaration of war,” Putin said earlier this weekend while responding to queries regarding sanctions by the western nations as well as the US.
Sanctions levelled against Russia are aimed more at the oligarchs than towards state entities. At least 2,427 individuals have been sanctioned by the US and the west compared to 343 entities i.e. Russian governmental agencies and companies. Switzerland has the most number of sanctions against Russia – 568, followed by the European Union (518) and France (512). The US has imposed 243 sanctions.
Russia also warned that in response to sanctions it will cut off natural gas supplies to Europe via the Nord Stream 1 pipeline.
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