Russia has surpassed Iran as the world’s most sanctioned country, Axios reports.
The United States and its allies imposed 2,778 new sanctions against Russia in two weeks since Russian President Vladimir Putin ordered a brutal invasion of Ukraine.
Adding the new sanctions to ones previously imposed after the country illegally annexed Crimea and tried to kill political opponents overseas, among other acts of aggression, Russia has now been hit with 5,532 sanctions, according to Castellum.AI.
By comparison, Iran has faced 3,616 sanctions, mostly related to its nuclear program and support of terrorism.
Syria has been hit with 2,608 sanctions and North Korea faces 2,077 sanctions.
Sanctions taking toll:
Russia’s economy is reeling as a result of the sanctions.
The ruble has plummeted in value and the country’s stock market has been shuttered for the second consecutive week. The country was also kicked out of the global SWIFT system and numerous payment processors have stopped working in the country. The United States and the UK on Tuesday also announced a ban on Russian oil imports.
The US and the European Union have also imposed numerous sanctions on Russian individuals, including oligarchs. Several countries have already moved to seize yachts and homes owned by Putin’s backers.
Russia seeks to contain damage;
The Russian central bank raised its interest rates to an all-time high of 20% to try to prevent its currency from collapsing and to combat inflation.
Russia is also moving to shift to Chinese payment processors to help alleviate the economic strain.
At the same time, Russia has threatened retaliatory sanctions, including a potential gas boycott of Germany.
Oxford Economics estimates that the Russian economy could shrink by 7% as a result of the sanctions, almost double the amount the US economy contracted during the Great Recession.