US, Japan and EU imposed sanctions on Russia over Crimea annexation

U.S, Japan and the European Union  (EU) imposed sanctions on 17 March 2014 on Russia. The sanctions were imposed in response of Russian recognition of Crimea as sovereign and independent state.

EU, US and Japan governments denounced the vote as illegal and riddled with anomalies. U.S imposed an asset freeze and visa ban on seven Russian government figures, including a deputy prime minister and two presidential aides.

The European Union slapped similar sanctions on 21 mostly lower-ranking Russian and Ukrainian officials.

Japan suspended talks on relaxing visa requirements, on investment, space exploration and military cooperation with Russia.

This was for the first time the sanctions were imposed on Russia since Soviet Union split in 1990. It can be considered as the most direct East-West confrontation since the Cold War.

Effects of Sanctions:

The sanctions is more likely to damage the reputation of Russia as a reliable business partner, both as a place to invest and as a supplier of the oil and gas exports on which it depends to fund a large part of its budget.

Experts on economic sanctions opined that measures imposed by US, Japan and the European Union on Russian and Ukrainian officials will have little immediate impact.

The sanctions thus appeared to be a warning that the EU, US and Japan are preparing to impose more severe punishment if Russia formally annexes Crimea or sends its military into other parts of Ukraine.