Rapid Response | Sanctions and Export Controls Explained: What's going on with Russia

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The United States and its allies have released an unprecedented and sweeping set of sanctions and export controls in response to Russia's invasion of Ukraine. This includes blocking sanctions on most major Russian banks, asset freezes on Russian elites, and a broad set of restrictions on exports of technology to Russia. Over the weekend, we saw a direct hit on "Fortress Russia" with the announcement of sanctions on Russia's central bank, along with removing select Russian banks from the SWIFT system and sanctions on Putin himself. The allies have avoided the energy sector, with the notable exception of sanctions related to Nord Stream 2.

On Wednesday, March 2 CNAS hosted a panel to discuss what these new sanctions and export controls mean, how they will impact the Russian and global economies, and what to expect next in the economic domain from the United States and allies. We also examined how sanctions and export controls will be enforced and whether China can act as a spoiler to the strong, coordinated effort from the allies.