A series of governments on both sides of the Atlantic have announced punitive measures in response to Russia ordering troops into rebel-held regions of eastern Ukraine. But how much of an impact will these sanctions actually have on Russia?
In addition to restrictions on banks and access to capital markets, a number of individuals have had assets frozen. We speak to veteran anti-corruption campaigner Bill Browder, who has written a book "Freezing Order" about Russian money-laundering. Also Maria Shagina, a visiting senior fellow at the Finnish Institute of International Affairs, who isn't convinced that the sanctions targeting individuals will work, but says financial institutions may be vulnerable.
Vladimir Putin's move has not triggered the full range of sanctions Western nations have prepared though. We hear from Hal Hodgson, technology reporter for The Economist, who says freezing out of the trade in western technology has had a devastating effect against the Chinese technology firm Huawei and could be deployed if tensions escalate.
Plus we get the latest market reaction to the international response from Justin Urquhart Stewart of Regionally Investment.
Picture: A group of people hold signs at the front of the Ukrainian Foreign Ministry Credit: Chris McGrath/Getty Images