America and Europe have frozen Russia’s currency reserves held in Western banks. On June 3rd the European Union joined America and Britain in placing a partial embargo on Russia’s oil exports, and also cut off Sberbank, its largest lender, from the swift interbank messaging system. A motley crew of oligarchs and their toys have been sanctioned. Sanctions have caused serious disruption to Russia’s economy and if kept in place will impair its performance for years. Between Europe and Russia , who has the sanctions affected most ?

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