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Definition

Economic penalties which are imposed on one country, organisation or individual by one or more countries with the objective of getting that country, organisation or individual to change their behaviour. For example, many countries in the world applied economic sanctions to South Africa during the apartheid era in order to force it to move towards full democracy. This goal was achieved in 1994 when elections were run and the ANC took power. Following the 24th of February 2022 invasion of Ukraine by Russia the United States imposed a number of sanctions: (1) a ban on new investment into Russia, (2) Severe sanctions on Russian financial institutions (Alfa Bank and Sberbank), (3) sanctions on critical state-owned enterprises, (4) Sanctions on Russian government officials and their family members, including President Putin's adult children and relatives of Foreign Minister Sergei Lavrov. Dozens of other sanctions were imposed on Russia by many countries such as flight restrictions, port restrictions, export of luxury goods, sanctions on more than 1000 wealthy Russian business leaders, the banning of imports of oil and gas products from Russia, the freezing of Russian central bank assets, the removal of Russia from the SWIFT system and the freezing of Russian bank assets.
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