How badly will Russia be hit by new sanctions?

How badly will Russia be hurt by the new sanctions?

Excluding Russian banks from Swift and the Russian central bank from international operations has, up until now, been considered a last resort.

Germany is particularly sensitive as it has relies on Russia for two thirds of its gas supply. It also feels it has already "taken one for the team" by suspendingAuthorities in US, Europe and the UK appear to have agreed a way to minimise these vulnerabilities by excluding the banks least involved in energy transactions or finding a way of filtering transactions to allow through energy and food payments.

Perhaps even more damaging to Russia than shutting it out of Swift is a move to isolate Russia's central bank. Preventing it from using its $630bn international dollar reserves to support the rouble could see its value collapse with dire consequences for the Russian economy. The recent government decision to turn down an application to build an electricity pipeline between Northern France and the UK was heavily influenced by the fact it was backed by Russian born Alexander Temerko and Viktor Fedotov.

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