Read the full text of Ukrainian president Volodymyr Zelenskyy’s speech to the US Congress

Why did Russia invade Ukraine?

Russia's invasion of Ukraine is driven by historical and cultural ties to the region.

• Ukraine was part of the Soviet Union until it collapsed in 1991.
• Ethnic Russians accounted for 17% of its population at the time the last census was taken in 2001.
• During the two decades Vladimir Putin has been in power in Russia, he has been focused on bringing Ukraine back into the country’s sphere of influence. 
• One of Putin’s earlier salvos included calling for a ban on potential Ukrainian membership in the North-Atlantic Treaty Organization (NATO)

What will sanctions do to Russia

Most of Russia's foreign currency reserves have been frozen.

There are 11,000 member banks.

Russian banks were blocked from using the international payment system.

5% is the percentage of Russia's GDP that could be affected.

The percentage of Russia's oil that Transneft transports has been hit by sanctions.

What is SWIFT, and how does it work?

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a messaging system that allows banks to securely and quickly communicate about cross-border payments. A person in Canada wants to send money to someone in the UK.

She tells her bank the amount to be transferred, the account number and the code of the bank.

The message goes from one bank to the other if the banks have a relationship. The message goes through the banks if they don't have a relationship.

The payment is settled by the banks. His transfer is happening.

Russia's access to the international financial system is one of the reasons why some sanctions have been called for. Banks have other options.

Which companies are leaving Russia

Western companies are leaving Russia in response to the invasion of Ukraine. Several have left across three industries.

• Oil and gas: BP, Shell, ExxonMobil, and others
• Transportation and shipping: Boeing, Ford, General Motors, Toyota, Maersk, and others
• Entertainment and technology: Disney, Apple, Warner Media, Sony Pictures, Meta, YouTube, and others

Some companies are staying put.

Who buys oil from Russia

Russia mostly exportspetroleum oils, oils obtained from bituminous minerals and crude. China and the Netherlands are top buyers.

What the Russian invasion means for oil

The US and UK will ban Russian oil in response to the war in Ukraine. The oil ban on Russia is backed by the two nations. Oil makes up 3% of the global economy, so any price increase will spread to other goods. Saudi Arabia could see a windfall.

Where things stand now.

The price per barrel of oil was broken.

If the war continues, analysts expect the price per barrel to be $185 by the end of the year.

The share of UK oil imports from Russia is 8%.

The UK and the US buy crude oil from Russia.

What is an oligarch in Russia?

The US and other countries have imposed sanctions on the Russian elite because of their close ties to Putin.

The president of Transneft, a state-owned oil and gas company, is one of them.

Brothers who co-own Russia's SMP bank.

Sergei Chemezov is the CEO of the state-owned defense conglomerate.