The US and the EU joined forces this week to hammer out the harshest sanctions against Russia since the Cold War. So far, the EU has merely targeted a few individuals. Now it is set to take action against Russian banks, the oil (but not gas) industry and the military.
There has been a clampdown on future arms sales, while major state-owned banks will not be able to tap European capital markets, and high-tech oil exports are no longer available to the Russian oil sector.
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What the commentators said
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