Russia could be almost cut out of the global financial system if the proposed western sanctions go ahead. Experts have warned that this could create chaos for the Russian economy and impoverish ordinary Russians. The measures threatened by the western nations if Russia incurs further into Ukraine will be unprecedented. The UK for example has said it will sanction individuals and businesses close to the Kremlin, including banks and energy companies.

Sanctions expert Michael O’Kane says that western sanctions could lead to greater unity between Russia and China. Such actions “might have a knock-on effect of driving Russia closer to China, increasing the commercial and business links with China in the long term, which could actually be counterproductive”. Read more.