Since the full-scale Russian invasion of Ukraine in February 2022, the United States has imposed over 6,000 sanctions on individuals and companies linked to Russia’s war effort. Despite these measures designed to isolate Moscow from the global financial system and force a retreat, the Russian economy has not collapsed and continues to fund the war through alternative economic channels, notably with China and India. Most sanctions targeted small companies and individuals, with only a handful of major financial institutions affected, leaving open financial routes that Russia exploited to bypass the embargo. Experts note that threats of harsher sanctions by former President Trump failed to produce an agreement, highlighting the resilience of Russia’s economy and its strategic partnerships. The sanctions have had limited impact on the battlefield, with Russia continuing to deploy relatively inexpensive Iranian drones and other weapons, some containing Western components, demonstrating its ability to circumvent restrictions.

Analysts warn that targeting major Chinese banks could disrupt global supply chains and raise consumer prices in the US, complicating further sanction efforts.