Potential Sanctions Arising From The Increasing Russia-Ukraine Tensions
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Overview of Russia-Ukraine tensions
The history of Ukraine and Russia’s relations is lengthy with periods of ties, tensions and hostility. Most notably however, relations between the two countries have been hostile since 2014. Following Russian annexation of Crimea from Ukraine as well as the deposition of pro-Russian president Viktor Yanukovych in the Maidan revolution in February 2014, the two countries have been engaged in the Russo-Ukrainian War.
In March 2021, various intelligence reported large movements of military equipment occurring in Russia and heading towards Crimea, and the Rostov and Voronezh oblasts. Currently, it is estimated that there are approximately 85,000 to 90,000 troops in the Southern Military District bordering Ukraine. This sense of impending invasion exacerbates the increasing Russia-Ukraine tensions.
Sanctions
The United States
The USA is concerned with the build-up of Russian military presence and worsened tensions on the Ukrainian border. On December 7th 2021, on a video link with Russian president Vladimir Putin, President Biden declared the United States’ intent of imposing a variety of economic sanctions against Russia should they take military action. An example of this is excluding Russia from the global financial telecommunication giant SWIFT. Once more, the US reinforces its commitment in aiding Ukraine with defending its “sovereign territory.
Germany
Similarly to the USA, Germany also voiced their dedication to protecting Europe’s borders. Olaf Scholz, the Chancellor of Germany, told reporters that “the inviolability of borders is one of the very important foundations of peace in Europe, and we will all do everything together to ensure that this inviolability actually remains intact.” Indeed this was seen through news of the possible termination of the Nord Stream 2, a gas pipeline that would connect Russia to Germany and bypass Ukraine, in the event of a Russian invasion of Ukraine.
UK
Despite a similar stance on the increasing tensions between Ukraine and Russia and a promise to also impose economic sanctions, the UK has also stated that Britain is “highly unlikely” to send troops to defend Ukraine should a Russian invasion occur. Defence secretary, Ben Wallace, told the media that “we shouldn’t kid people we would,” and that the “Ukrainians are aware of that.”
by Ke Thie Kiew