International sanctions were imposed during the Ukrainian crisis by a large number of countries against Russia and Crimea following the Russian military intervention in Ukraine, which began in late February 2014. The sanctions were imposed by the United States, the European Union (EU) and other countries and international organisations against individuals, businesses and officials from Russia and Ukraine. Russia responded with sanctions against a number of countries, including a total ban on food imports from the EU, United States, Norway, Canada and Australia.
The sanctions by the European Union and United States continue to be in effect as of January 2019. In July 2018, the EU announced the extension of sanctions until February 2019.
The sanctions contributed to the collapse of the Russian ruble and the Russian financial crisis. They also caused economic damage to a number of EU countries, with total losses estimated at €100 billion (as of 2015). As of 2014, Russia’s Finance Minister announced that the sanctions had cost Russia $40 billion, with another $100 billion loss in 2014 taken due to the decrease in the price of oil the same year driven by the 2010s oil glut. In addition to the sanctions, Russian President Vladimir Putin has accused the United States of conspiring with Saudi Arabia to intentionally weaken the Russian economy by decreasing the price of oil. By mid 2016, Russia had lost an estimated $170 billion due to financial sanctions, with another $400 billion in lost revenues from oil and gas.
According to Ukrainian officials,[a] the sanctions forced Russia to change its approach towards Ukraine and undermined the Russian military advances in the region. Representatives of these countries say that they will lift sanctions against Russia only after Moscow fulfills the Minsk II agreements.