Since Russia's full-scale invasion of Ukraine in February 2022, numerous economic sanctions have been imposed by the US, UK, EU, and others. These sanctions limit how Russian entities can engage in international trade. They include freezing foreign assets and isolating Russian banks from the global banking system. To sustain its economy, Russia has redirected trade primarily to countries like China, India, Turkey, and the UAE, while utilizing "shadow tankers" for oil distribution. Additionally, the US Senate is moving towards implementing secondary sanctions against nations engaging with Russia, expanding the impact of existing sanctions.
Secondary sanctions go a step further and extend to third-party countries, companies or individuals that do business with sanctioned parties. Even though these third-party entities aren't directly bound by the sanctioning country's laws, they are pressured to comply or face consequences should they do business in the sanctioning country.
To end this game of economic cat and mouse, and bring Russia to ceasefire talks, the US Senate is working to pass a bipartisan bill that threatens "secondary sanctions" on countries that still do business with Russia.
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