Western sanctions against Russia in the wake of Vladimir Putin’s full-scale invasion of Ukraine in February 2022 came hard and fast. Moscow lost access to a staggering $300 billion of its foreign exchange reserves held by G7 countries overnight, the ruble sank almost a quarter of its value against the U.S. dollar, and Russia’s industrial base was crippled. [time-brightcove not-tgx=”true”] Put together by the U.S., E.U., G-7 governments, and others, the sanctions, which started in 2014 after Putin annexed Crimea, were ramped up in 2022. They hit most major Russian banks and included punishing export restrictions on microchips and other key military technologies; sanctions against
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