BBC News:-
Marks & Spencer has become the latest international firm to pull out of Russia in the wake of Russia’s invasion of Ukraine.
The move comes amid a series of financial measures by Western countries in response to the invasion, including a raft of new proposed sanctions by the EU.
They are designed to damage Russia’s economy and penalise President Putin, high-ranking officials and those who have benefited from his regime.
What are sanctions?
Sanctions are penalties imposed by one country on another, to stop it acting aggressively, or breaking international law.
They are among the toughest actions nations can take, short of going to war.
What is the EU proposing?
The European Union’s proposed sanctions on Russia have yet to be approved by EU members. These include:
- Phasing out EU imports of Russian crude oil in six months and refined products by the end of 2022
- Disconnecting Russia’s largest bank, Sberbank, and the Credit Bank of Moscow and the Russian Agricultural Bank from the international payments system Swift, used to transfer money across borders
- Cutting off three of Russia’s state-owned broadcasters from the EU on cable, satellite and the internet
- Sanctioning 58 Russians, including those involved in war crimes in Bucha and the siege of Mariupol
