Ranking Member on Parliament’s Foreign Affairs Committee, Samuel Okudzeto Ablakwa has expressed disappointment in the types of sanctions that have been imposed on Russia by the West.

According to him, the sanctions against Russia which target assets of authorities in foreign countries and Visa bans are a “big joke”.

“Yesterday’s sanctions were a joke. That you’re going to freeze assets of Sergey Lavrov, the Foreign Minister, and Putin in Western nations. Where are they traveling to? The people are at war, commanding their troops, and you say that they would care about traveling. You’re imposing Visa bans, and you’re freezing their assets.”

Speaking to Samson Anyenini on Newsfile on Saturday, February 26, the North Tongu Member of Parliament emphasised that that current sanctions regime should not be enforced.

He said the only sanctions that would get Putin to pull the breaks on invading Ukraine, would be sanctions that would hit Russia at its nerve centre, which is, imposing restrictions on oil and gas.

“So far, all the sanctions are convenient because Europe depends on Russia for about a quarter of its oil needs, about two-thirds of its gas needs. So, they leave out oil and gas.

“Let's not underestimate what is going on, clearly when you listen to Putin, this is just the beginning. He wants regime change. He doesn’t want to see Zelensky in charge of Ukraine,” Mr. Ablakwa said.

Sanctions on Russia

Many countries across the globe are imposing sanctions on Russia and Russian authorities after Russian President, Vladimir Putin invaded Ukraine.

Some organisations and countries including the European Union, United States, United Kingdom, Canada, Germany, and many other countries are joining the trail of imposing sanctions on Russia.

In a statement, the White House said some of these sanctions "includes Russia-wide restrictions on semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics and maritime technologies."

Washington also applied sanctions on Russian banks, and whom it described as "corrupt billionaires" and their families who are close to the Kremlin.

It said it would cut off 13 major state-owned companies from raising money in the United States, including energy giant Gazprom and Sberbank, Russia's largest financial institution.

US President Joe Biden on Thursday revealed new sanctions which included export blocks on technology, a centerpiece of Biden's approach that he said would severely limit Russia's ability to advance its military and aerospace sector.

The White House also vowed to sanction two dozen Belarusian individuals and companies, which include "two significant Belarusian state-owned banks, nine defence firms, and seven regime-connected official and elites."

European Commission President, Ursula von der Leyen and French President Emmanuel Macron announced new measures early Friday, February 26, vowing to inflict "maximum impact on the Russian economy and political elite."

Also, Japan said it will impose a range of sanctions targeting Russian financial institutions, military organisations and individuals in response to the invasion of Ukraine, Prime Minister, Fumio Kishida announced on Friday. The range of measures include; freezing the assets of certain Russian individuals and financial institutions while also banning exports to Russian military organisations.

Australian Prime Minister, Scott Morrison added that Canberra was "also working with the United States to align with their further sanctions overnight on key Belarusian individuals and entities complicit in the aggression, so we are extending those sanctions to Belarus."

New Zealand is prohibiting the export of goods to the Russian military and security forces in response to the invasion of Ukraine.

In a press conference in Wellington, Friday, Prime Minister Jacinda Ardern announced that it would cut trade with Russia and impose travel bans against Russian officials as it continued to call for a return to diplomatic dialogue to resolve the crisis.

The United Kingdom is set to sanction 100 individuals and entities as part of further sanctions against Russia, British Prime Minister Boris Johnson announced on Thursday afternoon.

He stated that an asset freeze will be imposed on Russian state bank VTB, following the sanctioning of five Russian banks on Tuesday.