(The February 26th story has been updated to correct the conversion of pounds into dollars.

By Karin Strohecker

(Reuters) – The United States of America, Britain, Europe, and Canada announced on Saturday new sanctions against Russia. These included blocking access for certain lenders to SWIFT, the international payment system. This was in response to Russia’s attack on Ukraine.

Here are the details of all measures that have been proposed to date:

SWITCHING WITH SWIFT

Washington and its partner countries began using what was widely considered one of the toughest sanctions: prohibiting SWIFT-banking institutions from international financial transfers – an action that stops lenders from engaging in most global financial transactions and will, thus, curb Russian exports.

In a joint statement, nations stated that the next step would include restrictions on central bank international reserves.

Although it was unclear which Russian banks would be removed SWIFT, Ursula von der Leyen (president of the European Commission) stated that the move would make sure those chosen were “disconnected” from international financial systems in a manner that “harms their ability to function globally.”

SWIFT has been used by over 11,000 banks in 200 different countries.

BANKS & FINANCIAL FIRMS

Britain and the United States announced new restrictions, which, when combined with existing sanctions, will effectively kick most Russian bank assets out of these countries. Two of Russia’s largest lenders, VTB Bank and Sberbank were the new targets.

U.S. banks have to end all correspondent banking relationships – this allows banks to pay one another and transfer money across the globe. This is done with Russia’s biggest lender, Sberbank. It takes just 30 days.

Washington officials also used their most powerful sanctioning instrument, including adding VTB and Otkritie to the Specially Designated Nationals list (SDN). This effectively kicks them out the U.S. financial systems, bans trade with Americans, and freezes their U.S. assets.

EU leaders reached an agreement to impose sanctions on 70% of Russian banks and other important state-owned enterprises, which includes defense.

Russia’s banks, which are large and well-integrated into the international financial system, will face severe sanctions. The Bank for International Settlements data showed that European banks hold the majority of Russia’s $120 billion foreign bank exposure.

The total Russian bank foreign assets and liabilities were $200.6 billion and $134.5 trillion, according to the central bank of Russia. According to U.S. dollar share, it was around 53%, down from 76%-81% 20 years ago.

SOVEREIGN DEBT & CAPITAL MARKETS

Britain declared it will ban Russian sovereign debt sales to London. Since the start of 2020, Russia has sold $4.1 billion in sovereign debt to London.

EU will soon implement a series of measures to “limit the funding of escalatory or aggressive policies” and to restrict the Russian state’s access to EU financial and capital markets. The EU will be prohibited from investing in Russian bonds.

Washington announced Tuesday new restrictions regarding Russian sovereign debt deals. Americans are already banned from buying Russian sovereign debt in secondary markets.

Access to Russian bonds was already restricted even before these events.

In 2015, U.S. sanctions made Russian dollars uninhabitable for key indexes and investors. Over accusations of Russian election interference, President Joe Biden banned U.S.-based investors from purchasing new Russian rouble bonds in April 2021.

Russia’s external debt fell by 33% in 2014 due to the curbs. This is from $733 billion to $489 trillion during the third quarter 2021.

INDIVIDUALS

Britain, the EU, and the U.S. have already placed travel bans, asset freezes, and other restrictions on Russian citizens.

Britain announced sanctions against over 100 Russian people and entities. This included an asset freeze, travel ban and asset freeze for Yelena Georgieva chair of Novikombank, Pyotr Fradkov chairman of Promsvyazbank, Denis Bortnikov vice president of VTB, Kirill Shamalov former son-inlaw of President Vladimir Putin, and Yury Slousar of United Aircraft.

Britain will also pass legislation restricting the deposits Russian nationals may make to UK bank accounts. British banks will limit the amount of Russian nationals who have bank accounts in Britain to 50,000 British Pounds (or $66,860).

Washington sanctioned Fradkov, Bortnikov, and Vladimir Kiriyenko on Tuesday.

Washington attacked other Putin associates on Thursday. These included Sergei Ivanov (CEO of Russian state-owned diamond miner Alrosa); Andrey Patrushev (MCX:), who served as a leader at Russian state-owned Gazprom (MCX;); and Ivan Sechin (reportedly, deputy head of Rosneft’s energy department).

Biden indicated that he was considering personal sanctions against Putin on Thursday. Moscow claimed the move would not hurt Putin but be “politically damaging”.

Five people were already sanctioned by the EU for their involvement in Russian parliamentary elections in Crimea annexed last September. The EU also announced that it will blacklist any lawmakers who vote to recognize two areas controlled in part by pro-Russian separatists from eastern Ukraine and freeze all assets. It also said they would ban them traveling to the EU.

ENERGY CORPORATES & NORD STREAM 2

Both the USA and EU currently have sanctions against Russia in effect. Gazprom, Russia’s state-owned gas company, Gazpromneft, as well as oil producers Lukoil Rosneft, Surgutneftegaz, and Gazpromneft all face various kinds of restrictions on exports/imports.

One option is to stop companies from settling in U.S. Dollars.

Nord Stream 2, a pipeline that links Russia and Germany was recently approved by the EU before Berlin placed its certification on ice.

American sanctions were imposed on Wednesday against the Russian company that is responsible for building Russia’s Nord Stream 2 natural gas pipeline.

CURBINGTECHNOLOGY

EU pledges to implement measures that will impede Russia’s technological advancement in key areas such as high-tech software and components.

The U.S. Commerce Department said on Thursday it was implementing export controls that will severely restrict Russia’s access to semiconductors, computers, telecommunications, information security equipment, lasers, and sensors that it needs to sustain its military capabilities.

Similar policies were used during the Cold War when the Soviet Union was technologically behind and economic growth was impeded by sanctions.