Updated April 1st, 2023 at 20:47 IST

Ukrainian President Zelenskyy imposes new tranche of sanctions on Russia

On Saturday, Ukrainian President Volodymyr Zelenskyy issued sanctions on 33 Russian individuals and 225 companies.

Reported by: Digital Desk
Image: AP | Image:self
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On Saturday, Ukrainian President Volodymyr Zelenskyy placed sanctions on 33 Russian individuals and 225 companies, as per a decree posted on the presidential website. The sanctions, which will last for a decade, entail a range of restrictions, such as asset freezes, trade bans, and license revocations.

In addition to the aforementioned sanctions, Ukrainian President Volodymyr Zelenskyy has levied a ten-year sanction against legislators hailing from the Lugansk People's Republic (LPR), as well as from the Zaporizhzhia and Kherson regions in the Federation Council, Russia's upper house of parliament. The president's decree, published on Saturday, specifies that Darya Lantratova, senator representing LPR, Konstantin Basyuk, senator from Kherson, and Dmitry Vorona, senator from Zaporizhzhia, are among those subject to the sanctions.

A look at sanctions

The use of economic sanctions as a tool of foreign policy dates back to ancient times, but it was in the 20th century that they became a common tool of states to achieve political goals. The League of Nations first used economic sanctions in the 1920s to pressure Italy to withdraw its forces from Ethiopia. Since then, sanctions have been employed by various countries and international organisations in different situations, such as to punish rogue states, combat terrorism, or prevent nuclear proliferation.

The effectiveness of economic sanctions as a tool of foreign policy has been the subject of much debate among scholars and policymakers. Proponents of sanctions argue that they can be a powerful tool to achieve political goals without resorting to military action, which is often costly and risky. They also argue that sanctions can put pressure on targeted states to change their behavior or policies, as they cause economic and social hardships for their populations.

On the other hand, critics argue that sanctions can be ineffective, as they often fail to achieve their intended goals. Sanctions can hurt innocent civilians more than they hurt their intended targets, and they can lead to the further entrenchment of authoritarian regimes. Additionally, targeted states may find ways to circumvent sanctions, such as by forming alliances with other countries, engaging in black market activities, or finding alternative sources of income.

The effectiveness of sanctions is largely dependent on the situation in which they are employed, as well as the specific design of the sanctions. The success of sanctions depends on various factors, such as the degree of economic interdependence between the targeted state and the sanctioning countries, the severity and scope of the sanctions, the support of the international community, and the leadership and policies of the targeted state.

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Published April 1st, 2023 at 20:47 IST