Global economic sanctions against Russia

Economic sanctions against Russia have significantly altered global trade and energy markets. Data shows a sharp decline in EU-Russia goods trade, falling from €257.5 billion in 2021 to €58.1 billion in 2025, alongside the freezing of approximately €210 billion in Russian central-bank assets within the EU. Research indicates that while direct exports have dropped, sanctioned goods are increasingly diverted through middlemen in Armenia and Central Asia.

In the energy sector, tensions have risen regarding the purchase of Russian crude by nations such as India. While Russian officials defend these purchases as necessary for national development, the United States has introduced more aggressive legislative measures. The Lindsey O. Graham Sanctions Act of 2026 expands targets to include officials, banks, and strategic sectors, and empowers the U.S. Executive Branch to impose tariffs of up to 100% on countries purchasing Russian energy. This legislation also targets the ‘shadow fleet’ of tankers used to bypass restrictions.

In response to these developments, Russian Deputy Foreign Minister Sergei Ryabkov announced upcoming meetings between Russia and the United States to address bilateral differences. However, Kremlin spokesperson Dmitry Peskov suggested that the new U.S. sanctions would not positively impact negotiations regarding the conflict in Ukraine.