Russia was disconnected from SWIFT, Apple left the country: the consequences of sanctions hit the economy hard

Apple has become another major company halting sales in Russia in response to the Russian invasion of Ukraine, reports with the BBC.

Photo: Shutterstock

The iPhone and MacBook maker said it was deeply concerned about the Russian invasion and stands in support of those "suffering as a result of violence."

Apple Pay and other services such as Apple Maps will be limited.

Mobile banking applications in Russian, such as the VTB Bank application, may soon cease to function on devices running the Apple iOS operating system.

Last week, Deputy Prime Minister of Ukraine Mikhail Fedorov published an open letter on Twitter to Apple management calling on Russia to be cut off from the company’s goods and services, as well as from the App Store.

Previously, Google banned Russian state-funded news organizations from using advertising and certain other YouTube video hosting tools.

Google removed the Russian state broadcaster RT from its search engine.

“We are committed to complying with all sanctions requirements and will continue to monitor new guidance,” the company said.

Google also said that the use of Google Pay is limited in Russia for those who use the services of banks that are under sanctions.

On the subject: 'People from my country came to kill me': what Russians living in Ukraine say about the war

However, Google Pay is not blocked in Russia. Most Google services such as search engine, maps and YouTube currently continue to work in Russia.

Who else is leaving Russia

The American bank JPMorgan expects that the Russian economy will fall by 20% in the second quarter due to the imposed sanctions, reports Forbes.

Finance and Economics

Freezing of the monetary reserve. Russia will not be able to use its $630 billion of foreign exchange reserves to sell and buy the ruble. Such restrictions were introduced so that Russia could not compensate for part of the imposed sanctions.

• Who introduced: Europe, UK, USA.

Personal sanctions against Russian elites and members of their families. In particular, the sanctions apply to Russian President Vladimir Putin, Foreign Minister Sergei Lavrov, Deputy Chairman of the Security Council Dmitry Medvedev, Prime Minister Mikhail Mishustin, Defense Minister Sergei Shoigu and Interior Minister Vladimir Kolokoltsev.

The list of authorized persons also includes FSB security chief Alexander Bortnikov, commander-in-chief of the Armed Forces of Ukraine Valery Gerasimov and members of the Kremlin Security Council. The EU imposed sanctions against all 351 deputies of the Russian parliament.

Assets of individuals and companies in respect of which the imposed sanctions will be blocked.

• Who entered: USA, Japan, Switzerland, Australia, Canada, New Zealand, Monaco.

Sanctions on sovereign debt. This means that Russia does not have access to Western sources of financing for its debt obligations, and will also not be able to raise funds by selling bonds in the US and European financial markets.

• Who introduced: USA, UK

Disconnect from SWIFT. Some Russian banks are also excluded from the SWIFT international payment system. Brussels said this would "stop their work around the world and effectively block Russian exports and imports."

• Who introduced: Europe, USA, Taiwan

Sanctions against the Central Bank of the Russian Federation. The sanctions will prohibit any individual or legal entity in the UK from making financial transactions with the participation of the Central Bank of the Russian Federation, the Russian National Wealth Fund and the Ministry of Finance of the Russian Federation.

• Who entered: Great Britain

Sanctions against Belarus. The EU imposes sanctions against Lukashenka and imposes trade restrictions on mineral fuels, iron and technology. European Commission President Ursula von der Leyen said the Lukashenka regime is "an accomplice in a ruthless attack on Ukraine."

• Who introduced: Europe, Canada

Bank sanctions. The US has imposed sanctions on 10 leading Russian banks, representing about 80% of the country's banking sector. The US government also banned Sberbank, which accounts for about 30% of Russia's banking business, and its subsidiaries from transacting through the US.

Among the authorized banks: Promsvyazbank, VTB, Otkritie, Sovcombank, Sberbank, Gazprombank, RSGB, Alfa-Bank, Moscow Credit Bank, Novikombank.

bank limits. The UK has introduced a limit of $67 on bank accounts of Russian citizens in the UK, and the EU has introduced a limit of 000 euros in EU banks.

Restriction of the practice of issuing “Golden Passports”. Holders of “golden passports” could freely visit Schengen countries, become their citizens and gain access to foreign financial systems.

• Who introduced: Europe, USA, UK and Canada, Malta.

Oligarchs. The EU has imposed sanctions against 26 Russian oligarchs and propagandists. In particular, the list includes: Igor Sechin, CEO of Rosneft, Mikhail Fridman, co-owner of Alfa-Bank, Sergei Roldugin, childhood friend of Vladimir Putin, Dmitry Peskov, Vladimir Putin's press secretary, Olga Skabeeva, propagandist, Alexander Ponomarenko, oligarch, Gennady Timon, owner of Volga Group, Petr Fradkov, head of Promsvyazbank.

Technologies

Stopping supply of chips. Global chip manufacturers stop deliveries to Russia. Companies began to stop deliveries of high-tech products after the introduction of sanctions against Russia by the USA, Great Britain, Japan and other countries.

Sport

UEFA. The UEFA Executive Committee decided to move the Champions League final from St. Petersburg to Paris. Russian national teams and clubs have been suspended from all competitions under the auspices of UEFA and FIFA. In particular, UEFA terminates the contract with Gazprom.

Formula 1. The Formula 1 World Championship announced the cancellation of the upcoming Russian Grand Prix in Sochi.

International Olympic Committee Organizers have said international sports federations should reschedule or cancel sporting events scheduled in Russia or Belarus.

Hockey. The Council of the International Ice Hockey Federation removed Russia and Belarus from international hockey. Russia has been denied the right to host the Junior World Championships in 2023.

The National Hockey League has terminated relations with business partners in Russia.

Taekwondo. As a sign of solidarity with Ukraine, the World Taekwondo Organization withdrew the honorary black belt of the ninth given Vladimir Putin, which he was awarded in 2013.

In addition, as a sign of solidarity with the International Olympic Committee, the anthem will not be played at the International Taekwondo competitions and the flags of Russia and Belarus will not be displayed. Also, competitions will not be organized on the territory of these countries.

Industry and transport

Container Shipping. World market leader in express dorates of cargo and documents German DHL from March 1 stopped the delivery of cargo and documents to Russia and Belarus for an indefinite period. The world's largest container company Maersk (Denmark) stops accepting new orders for sea and land transportation to Russia and Russia. This was done by their counterparts MSC Mediterranean Shipping, Hapag-Lloyd AG and Ocean Network Express Pte. They occupy about 50% of the world container transportation market.

Airspace closure. More than 32 countries have closed their airspace for aircraft from Russia.

Among them: Great Britain, Poland, Bulgaria, Czech Republic, Lithuania, Latvia, Estonia, Romania, Slovenia, Germany and Finland.

Ban on the supply of aircraft and spare parts to Russia. Airbus liners - 322 aircraft - provided 40% of aviation passenger traffic in Russia. The sanctions effectively deprive carriers of the opportunity to operate this fleet.

Russia was also banned from buying planes, even on lease. Existing leasing contracts will be terminated. This is the loss of 50% of the civilian air fleet.

Who introduced: Europe, UK

Energy companies. The US has imposed sanctions on energy company Gazprom, oil pipeline company Transneft and energy company RusHydro, as well as the country's largest freight, railway and telecommunications companies.

Ban on the export of high-tech goods: semiconductors, computers, telecommunications equipment and information security sensors. UK and EU companies are also banned from exporting their goods to Russian defense, navy, transport and communications companies.

Now it will be more difficult for Russia to buy goods and technologies necessary for oil and gas production and the aerospace industry.

Ports. The UK has announced the closure of its ports to any ships associated with Russia.

Aircraft. Airbus has suspended technical support for Russian airlines and the supply of spare parts, as well as the work of its engineering site in Russia.

The fleet of the main Russian carrier, Aeroflot, consists mainly of Boeing 737 and 777 aircraft.

Given the sanctions previously imposed by the EU on the use and maintenance of Airbus aircraft, the entire Russian civil aviation industry was under threat.

How global companies react to the war in Ukraine

Technology companies

Facebook has blocked Russian propagandists RT and Sputnik across the European Union.

Deliveries of their products to Russia have been suspended by UAV Forecast, which shows safe areas for drone flights, the publisher of graphics programs Insydium AMD and Intel.

Instagram has begun labeling “Russian-led media.”

Twitter also blocked the ability to register accounts for Russians.

The pornographic site PornHub has banned access to content for users from Russia.

OnlyFans has restricted access to the accounts of Russian and Belarusian models.

Apple has stopped selling its technology in the official online store in Russia. Also, RT News and Sputnik News are no longer available for download from the App Store outside of Russia.

Uber accelerates the process of selling its part in a joint company with Yandex. Until recently, Uber retained a 29% ownership of MLU BV and Yandex announced that it would buy this stake within a year.

Cars

General Motors and Volkswagen are suspending car deliveries to Russia.

BMW stops production of its cars in Kaliningrad and stops deliveries to the Russian market, writes The Wall Street Journal.

Ford suspends operations in the Russian Federation and sent $100 to the Ukraine aid fund.

Volvo Cars, owned by a Chinese holding company, has stopped deliveries of its cars to Russia. This is not the first automaker to refuse to supply its products to Russia.

Harley-Davidson has also announced that it is stopping deliveries of its motorcycles to Russia.

Fintech

Mastercard has disconnected several Russian financial institutions from its own payment network.

culture

Disney, Sony Pictures and Warner Bros are stopping the distribution of their films in Russia due to the invasion of Ukraine.

Warner Bros has already canceled the showing of the new Batman in Russia the day before the premiere, which was scheduled for March 2.

Russia was excluded from Eurovision 2022 due to aggression against Ukraine.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

Netflix refused to broadcast Russian channels.

Brand

Adidas has suspended cooperation with Russian football.

The American company Nike has also suspended its sales in Russia. On its website, Nike says that online purchases of its products are not possible, as the company cannot guarantee their delivery to Russia.

Nemiroff has revoked the license for the production of alcohol in Russia.

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