US, UK, EU & G7 Nations Sanctions on Russia over Invasion of Ukraine

23 March 2022

The United States, the United Kingdom, and the European Union have put sanctions on Russia and banned Russian goods imports amid the Russian invasion of Ukraine. G7 nations including the U.S. have planned to revoke Russia’s status as a “most favored nation.” These regions are the largest export destinations of Russia. The ban on Russian goods will absolutely impact the trade and economy of Russia. According to our database, the US imported Russian goods worth US$17.7 billion, UK imported goods from Russia valued at US$22.2 billion, the EU purchased Russian goods worth US$210.4 billion, and G7 imported commodities from Russia worth US$110.38 billion in 2021.

U.S. Sanctions on Russia

The United States is banning Russian seafood, vodka, and diamonds. America has levied sanctions against Russia after the Russian unprovoked invasion of Ukraine. From oil & gold to fertilizer & fish, the U.S. has banned Russian commodities. Several high-profile jewellery and luxury brands have pulled out of Russia and Belarus amid calls to boycott Russian-made products.

According to our database, America imported Russian goods worth US$17.7 billion in 2021. Here is a list of major commodities which the US imported from Russia last year.

UK Sanctions on Russia

The United Kingdom has announced a ban on exports to Russia of high-end luxury goods, while also hitting hundreds of key products with new import tariffs that represent a 35% point hike on current rates. Russian vodka is one of the iconic products affected by the tariff increases, while the export ban will likely affect luxury vehicles, high-end fashion, and works of art.

Our database shows the United Kingdom imported goods worth US$22.2 billion in 2021. Gold, petroleum products, palladium, and liquefied natural gas are the biggest UK imports from Russia. Here is a list of the UK’s top import commodities from Russia with dollar amounts recorded in 2021.

EU Sanctions on Russia

The European Union has also put sanctions against Russia and will put further economic pressure on Russia’s main revenue streams. The EU countries imported goods from Russia worth US$210.4 billion in 2021. Major commodities are crude petroleum products, gold, gas oils, fuel oils, and liquefied natural gas. Check dollar amount of these commodities reported in 2021 in chart and table given below.

G7 Nations Sanctions on Russia

The United States among other G7 nations – Canada, France, Germany, Italy, Japan, and the UK have decided to revoke Russia’s status as a “most favored nation.” The decision is to impose tariffs and other trade barriers on Russia.

G7 nations imported Russian goods worth US$110.38 billion in 2021, among which Netherlands (7%), UK (6%), Germany (5%), US (3%), and Italy (3%) are the biggest importers of commodities from Russia. Here is a list of commodities that G7 nations imported from Russia in 2021 with the dollar amount.

Besides fuel, Russia is also a big exporter of precious metals, gems, iron, and steel. Trade restrictions would also be burdensome for buyers. And new sanctions from the US, UK, EU, and G7 on Russia would also hit the Russian economy. Get the latest updates on how the Russia-Ukraine war would impact global trade.