Readers ask: What are the major sanctions imposed on Russia, and what could be the most crippling?

Readers submitted questions on financial sanctions imposed on Russia and what extra the US, European Union and different allies might do to penalize the nation. Like many readers, Matt Adler of Philadelphia needed to know: “What’s the hardest and harshest sanction that the world at giant might impose on Russia? What wouldn’t it take to make that occur?”

To get the reply we requested Ana Swanson, who has been writing in regards to the financial retaliation towards Russia and its ripple results throughout the globe.

The USA, the European Union and their allies have positioned intensive sanctions on Russia as a part of a multipronged technique to constrain its habits. Many Western international locations are taking motion to halt their vitality commerce with Russia and minimize the nation off from huge elements of the worldwide monetary system.

Western governments have additionally banned transactions with Russia’s central financial institution and sovereign wealth fund, forcing Russia to enact strict restrictions on capital flows to prop up the worth of its forex.

Western international locations have additionally frozen the belongings of Russian officers and oligarchs, banned exports of superior expertise to Russia and minimize some Russian banks off from SWIFT, basically barring them from worldwide transactions.

Congress voted in early April to revoke Russia’s preferential buying and selling standing, a step that may impose larger tariffs on Russian exports, and to ban imports of Russian oil. The USA has additionally banned imports of Russian seafood, vodka, nonindustrial diamonds and different merchandise, and barred exports of luxurious gadgets to Russia. In late April, the White Home introduced that it might ban Russian ships from calling on American ports, steps already taken by Canada and European nations.

The European Union is nearing approval of an embargo on Russian oil that may be phased in over a interval of some months — a step beforehand seen as politically untenable due to its huge prices for Germany and its potential to disrupt politics across the area and improve vitality costs.

Nonetheless, there’s extra the international locations opposing Russia might do. Vitality commerce between Russia and Europe has not fallen off as sharply as some analysts anticipated, and Russia continues to be actively buying and selling a spread of products with non-Western international locations. At a time of hovering inflation and provide chain points, some governments have been hesitant to totally minimize off flows of Russian vitality and commodities. So long as Russia is exporting these key merchandise, international funds are nonetheless flowing again to Moscow.

Essentially the most complete sanction that Western international locations might impose can be a full financial embargo that may block different international locations from buying and selling with Russia, with no exceptions for oil and gasoline — the form of measure the US has taken towards Iran and North Korea. Whereas such a sweeping step would put extra strain on Russian leaders, it might rankle international buying and selling companions like China and India, which must cease buying and selling with Russia or face harsh penalties. It might additionally take a toll on the Russian populace and the worldwide economic system, slowing progress and additional fueling inflation.