top of page

Russian Invasion of Ukraine: International Boycotts and Sanctions

최종 수정일: 2022년 5월 21일


More than 100 people gathered in support of Ukraine outside the Colorado Capitol building in Denver on February 24, 2022.


Russia invaded Ukraine on the morning of February 24, 2022. Currently, at least seven thousand Ukrainian citizen casualties have been reported by the Ukrainian government. The invasion is considered an act of war and has led to devastation for Ukraine. An estimated four million citizens have become refugees while many others have become internally displaced.


The birth of the invasion originates from Putin’s questionable claims about the political standing of Ukrainian’s right to sovereignty. Putin had claimed that the North Atlantic Treaty Organization (NATO) intended to expand towards the east, threatening Russia’s security. This false allegation has resulted in a significant buildup of Russia’s armed forces across the Ukrainian border. The international condemnation of the invasion has resulted in international boycotts of major industries, which restricted Russia’s economic participation.


Many multinational businesses have committed to protest against Russia by halting their operations in Russia, some withdrawing entirely.


Energy

For instance, British Petroleum (BP) has made a statement about removing 20 percent of its stake in Rosneft, a Russian state-controlled energy company. BP being Russia’s largest foreign investor, this would cut its oil production by more than 30 percent. Other major energy companies such as Shell and ExxonMobil have also announced to halt their production and further transactions with Russia.


Finance

The largest global payment network systems, Visa and Mastercard, have announced that they will suspend their systems in Russia as well. Al Kelly, the CEO of Visa, has acknowledged that these measures would undeniably affect Russia’s valued colleagues, clients, and partners. In the effort to punish Russia by crippling its economy, many countries and organizations have imposed various sanctions, targeting Russia’s banking system, state-controlled companies, and powerful oligarchs. Under the European Union’s sanctions, seven of Russia’s banks will no longer be able to use the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the main form of international money and security transfers. In addition, the US and the UK have restricted access to foreign currency reserves for Russia, a 640-billion-dollar reserve; hence, Russia’s economy has plummeted as a surge in inflation and in living standards.


Sports

A similar phenomenon was manifesting in the sports industry as well. Following a statement made by the International Olympic Committee (IOC), which urged sporting organizations to cancel any sporting events held in Russia, various sports leagues and organizations have decided to withdraw Russian athletes and teams. The IOC has stated that national sports federations should not cooperate or participate with Russian teams to keep the integrity of the international sporting community. Fédération Internationale de Football Association (FIFA), the international governing body of soccer, has suspended any and all Russian teams from participating. The Union of European Football Associations (UEFA) has also followed in FIFA’s footsteps breaking all Russian teams.


Retail

Other major corporations such as Volkswagen, Lamborghini, and Porsche have cut off their exports to Russia entirely in addition to their suspension of Russian plants. Besides, retail brands such as UNIQLO and H&M have stopped sales in Russia. Disney, Warner Bros, and Sony Pictures have said that they would cancel any upcoming films within Russia in the film and entertainment industry as well. In the food and beverage industry, McDonald’s closed their 850 chains of restaurants, while Coca-Cola has suspended business with Russia. In the tech industry, International Business Machines Corporation (IBM) has ceased business transactions with Russia along with Microsoft and Apple.

These sanctions have been placed to damage Russia’s economy and punish high-ranking officials, including President Putin. As of now, these actions are the most severe measures effectively taking place in the international society. Although Western Allies are unable to defend Ukraine through direct military action, they support Ukraine through food supplies, transportation assistance, and other sources of aid. The world is eager for peace in Ukraine, and it is hard to find a country that advocates for Russia. With so many people still dying due to the prolonged war, Russia must clarify what this fight is for.



Written by Daemo Gou | Staff Writer

Revised by Yu Bin Kwon | Managing Editor


조회수 6회댓글 0개

최근 게시물

전체 보기

Comments


© 2023 by The Book Lover. Proudly created with Wix.com

bottom of page