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Sanctions pressure spreads beyond Western capitals
Summary
A look back at how corporate and financial responses to Russia's invasion were widening by late March 2022.
What did the economic isolation of Russia look like on 28 March 2022? In the days before that date, it was extending from governments to companies and to third countries.
On 23 March 2022, Nestlé announced that it would suspend sales of non-essential items in Russia. The move followed similar company boycotts of Russia, part of the wider boycott of Russia and Belarus that formed one strand of the economic impact of the invasion.
On 25 March 2022, Iranian officials were considering whether to recognise MIR, the Russian electronic payment system. That consideration came in response to moves to ban Russian banks from SWIFT.
Taken together, the two developments show pressure running in two directions. A major consumer-goods company was scaling back its Russian business, while officials in Iran weighed payment-system options tied to the restrictions on Russian banks.
