Timothy Ash, the Senior Emerging Markets Sovereign Strategist for Bluebay Asset Management, writes from London:

“This is not good news for Russia. The result of these actions will inevitably be that fewer foreign investors will want to buy Russian debt which means higher borrowing costs, less investment and growth and a further tightening of the economic constraints around Putin.  The US is signaling that there are lots more things it can still do on the sanctions front unless Russia changes its behavior.”