The immediate backdrop is the long-running confrontation between Western states and the Russian Federation that escalated after Russia launched its full-scale invasion of Ukraine on February 24, 2022; that invasion followed months of military buildup along Ukraine’s borders and precipitated sweeping Western financial, trade and export-control measures aimed at degrading Russia’s economic and military capacity.
Those 2022 measures built on an earlier cycle of penalties imposed after Moscow’s 2014 seizure of Crimea and support for separatists in eastern Ukraine: Ukrainian President Viktor Yanukovych fled Kyiv on February 22, 2014, Crimea held a disputed referendum on March 16, 2014, and Russia signed a treaty of accession for Crimea on March 18, 2014, actions that immediately triggered EU and U.S. restrictive measures.