As tensions between Russia and Ukraine continue to mount, President Obama just announced new sanctions on Russia. The sanctions are leveled against large banks, and energy and defense firms, like Gazprombank, Russia’s largest bank and Rosneft, the world’s largest oil company. Back in April, the U.S. has announced sanctions against seven of Vladimir Putin’s ‘cronies’ mostly freezing their assets and imposing travel bans. Morgan Stanley’s Russia economics and strategy team previously wrote that they are “cautious about the effectiveness of sanctions on Russia.” “Russia is a large country, with extensive resources, accounting in 2012 for 2.8% of global GDP, …read more
Source: Business Insider
