Since the invasion of Ukraine, four sanctions packages have been targeted at Russia, on top of the sanctions that remain from the annexation of Crimea in 2014. On Tuesday, the EU also announced plans for a fifth sanctions package that affects the energy sector for the first time.
A total of 877 people and 62 companies / organizations are on the sanctions list.
Among other things, seven major Russian banks have been shut down from the international communication system Swift, which makes their international transactions much more difficult to carry out.
"Have money but can not access it"
In addition, more than half of Russia's reserves are frozen due to the ban on transactions from the EU and other countries.
These sanctions against banks and the financial sector hit Russia the hardest, according to Susanne Oxenstierna, research leader at FOI.
- The most remarkable and toughest sanctions are that the central bank's income and accounts have been frozen abroad.
And that poses the most problems.
You have money but can not access it.
Affects the economy
The United States has also imposed similar sanctions as the EU.
The country has also taken a step further and banned Russian oil, natural gases and other parts of the Russian energy sector.
The sanctions affect the Russian economy as expected, according to Susanne Oxenstierna.
However, this does not mean that the sanctions put pressure on the Kremlin.
- Ultimately, they want the sanctions to affect Russia to end the war in Ukraine and they have not gotten there yet.
More to take off
Despite several different sanction packages, Susanne Oxenstierna does not believe that there will be problems with new sanctions in the future, in addition to a possible fifth sanction package.
- It can make it even more difficult for the financial sector.
There is still room to take off.
They have focused on banks that are believed to be the most central.
But it is possible to sanction more banks.
I do not see it as an end, but there will always be things to sanction.
A possible fifth sanctions package - which for the first time affects the energy sector - shows that the EU takes it very seriously and discusses energy sanctions at EU level, says Susanne Oxenstierna, who emphasizes that such sanctions would be the hardest hit.
- It is above all energy sanctions that remain.
That is what would affect the Russian economy the most.
Oil is a very large proportion of revenue for the federal budget and it would hurt a lot if that revenue were to be reduced.
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These are the sanctions against Russia.