Live Updates: Russia’s Invasion of Ukraine
Global Sanctions Against Russia
The United States, The European Union & their allies have enacted sanctions against Russia in response to their Invasion of Ukraine.
- The United States has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russia’s invasion of Ukraine, the United Kingdom said it would phase out imports by the end of 2022
- The United States, the European Union, the United Kingdom, and Canada banned certain Russian banks from SWIFT, a global messaging service that connects financial systems, as part of stricter moves to remove Russia from the international finance system
- The United States has blocked the export of advanced technology such as semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics, and maritime technologies. Some companies started to comply with these sanctions including US chipmakers Intel, AMD, Taiwan’s TSMC, ABB, TT Electronics, and NCAB GROUP
- The EU has imposed a ban on the sale, supply, transfer, or export to Russia of technologies in oil refining, of aircraft and aircraft parts, and dual-use goods and technology, including semiconductors
Global Supply Chain Impacts
Russia and Ukraine are key to global supply chains, with many U.S.-based firms and European firms having at least one direct (tier-1) supplier in Russia or Ukraine.
- Oil – Russia supplies over 30% of European Oil & Natural Gas
- Food – Russia & Ukraine produce a combined 25% of the world’s wheat, as well as a large percentage of barley, and corn.
Gases – Ukraine is a major supplier of raw gas materials including neon, argon, krypton, and xenon. With nearly 70% of the global market share of neon coming from Ukraine, semiconductor and chip manufacturing will likely suffer.
- Palladium – Russia exports 35% of the Semiconductor industry’s palladium, a key material in the production of chips
- Raw Materials – Russia’s share of the global metal market is as follows: Nickel (49%), Palladium (42%), Aluminum (26%), Titanium (30%), Platinum (13%), Steel (7%), and Copper (4%).
For more information on the Russian Invasion of Ukraine and how it could impact your supply chain, download one of our three Insights Reports.