IMGL Magazine April 2022

War in Europe

A TIMELINE TO TURMOIL February 21 Winter Olympics ends, war is imminent; immediate and targeted sanctions against selected Russian banks and individuals; travel bans, asset freezes February 24 Invasion starts; expansion of sanctions to more banks and individuals; ban on export of aerospace, military and maritime technology; Belarus also sanctioned February 26 EU, UK, Canada and US exclude Russian banks from SWIFT joined by Japan, Singapore, Australia; Russia blocks UN Security Council resolution demanding an end to attack Febrary 27 International companies start to withdraw from Russia; BP dumps its holding in Rosneft, Shell, ExxonMobil, Apple, Microsoft and many others leave February 28 Switzerland and South Korea join sanctions; Rouble drops 40%, Russian interest rates reach 20%, capital controls imposed; EU and UK ban Russian carriers from airspace; March 1 Opposition to sanctions in Mexico, Brazil, India, UAE; more countries ban Russian imports or impose high tariffs; superyacht seizures in European ports March 2 SWIFT ban extended to more institutions; Sberbank closes European operations; US joins ban on Russian carriers in its airspace March 4 Export ban expanded to include oil refining equipment; Russia enacts law on spread of false information March 6 Ukraine moves to limit exports of grain and other key agricultural products March 7 US starts to loosen trade license requirements for key allies March 8 Banning of Russian oil imports by US and UK March 11 Russia retaliates with ban on range of exports; block on Russian access to IMF and World Bank funding; US treasury curbs sanction evasion including via cryptocurrencies April 1 Russia insists payment for its gas be made in roubles; rouble regains its former value to April 18th Sanctions regime further tightened in response to threat of chemical attacks and discovery of atrocities in Bucha and elsewhere

IMGL Magazine • April 2022 • 12

12 • IMGL Magazine • April 2022

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