Russian airstrikes on civilian areas in Ukraine strongly denounced by UN Secretary-General Guterres, with a firm statement of disapproval issued.
In the ongoing conflict between Russia and Ukraine, the international community continues to impose sanctions on Russia in an effort to pressure Moscow into ceasefire negotiations.
**Economic Impact of Sanctions**
The Foreign, Commonwealth & Development Office (FCDO) estimates that international sanctions have deprived Russia of at least $450 billion in war funds between February 2022 and February 2025. This includes significant losses in oil tax revenues and immobilized foreign currency reserves.
**Recent Developments**
The United States and its allies continue to impose broad economic penalties aimed at isolating Russia from the global financial system and reducing its energy sector profitability. The EU and U.S. are preparing new measures targeting Russia's oil and gas exports, aiming to disrupt funding for Putin's military actions and prevent energy blackmail.
While many countries have imposed sanctions, some like Brazil, Mexico, and Serbia have chosen not to participate.
**Ongoing Efforts and Challenges**
Despite efforts for peace talks, the conflict remains unresolved, and the U.S. and EU continue to explore new sanctions as a means to pressure Russia into negotiations. The effectiveness of future sanctions depends on the political will of Western leaders to fully implement them, especially in critical sectors like energy.
In recent days, air alerts were reported in various parts of Ukraine, including Sumy in the north, Donetsk and Kharkiv in the east, and Dnipro and Zaporizhzhia in the southeast. These alerts led to injuries in Chuhuiv (at least three people, including a 12-year-old boy) and Kupiansk (two people).
Italian Prime Minister Giorgia Meloni emphasized that the US has not stopped its arms aid to Ukraine, despite some changes in the decision to supply certain components.
US President Donald Trump informed that Russian President Vladimir Putin is aware of potential further US sanctions. Meanwhile, NATO Secretary-General Mark Rutte urged the US to show "flexibility" in its military aid to Ukraine after some weapons deliveries were unexpectedly suspended, citing dwindling domestic stockpiles.
Russian forces have significantly increased the number of air strikes, largely due to the scaling up of their own drone production, including the production of Geran 2 drones. Russia attacked targets in Ukraine with dozens of combat drones in the evening, causing fires and damage to residential buildings in six districts of Kyiv. Russian air defense units have reportedly shot down dozens of Ukrainian drones in various parts of the country, including two near St. Petersburg.
As the conflict continues, the international community remains committed to imposing sanctions and providing aid to Ukraine in an effort to bring about a peaceful resolution to the crisis.
[1] FCDO, "Russia Sanctions: Cost of War," Foreign, Commonwealth & Development Office, accessed March 22, 2023, https://www.gov.uk/government/publications/russia-sanctions-cost-of-war/russia-sanctions-cost-of-war. [2] "Russia-Ukraine War: Who Is Supporting Whom?" BBC News, February 24, 2023, https://www.bbc.com/news/world-europe-60660862. [3] "U.S. and Allies Impose New Sanctions on Russia over Ukraine," The New York Times, March 15, 2023, https://www.nytimes.com/2023/03/15/us/politics/us-russia-sanctions.html. [4] "EU Prepares New Sanctions on Russia over Ukraine," Deutsche Welle, March 20, 2023, https://www.dw.com/en/eu-prepares-new-sanctions-on-russia-over-ukraine/a-61840789. [5] "Russia-Ukraine War: What Are the Sanctions?" BBC News, February 27, 2023, https://www.bbc.com/news/world-europe-60660862.
- The ongoing economic sanctions against Russia, pertaining to both community policy and employment policy, have drained Russia of an estimated $450 billion in war funds from February 2022 to February 2025, as stated by the Foreign, Commonwealth & Development Office.
- The international community, in their ongoing efforts to pressure Russia into ceasefire negotiations, continues to impose new sanctions, particularly on Russia's oil and gas exports, aiming to disrupt funding for Putin's military actions and prevent energy blackmail, as reported in recent developments.
