Moscow now in the firing line

Sanctions will impact heavily on Russia which, despite its ‘gas card’, may not have as strong a hand as it thinks, writes Kyran Fitzgerald.

The shooting down of the MH17 Malaysian Airlines plane, with the loss of 298 lives has begun a new ratchet effect across the global economy, as a tougher round of economic sanctions against Russia finally begins to take effect.

As a result of measures that came into effect on Friday, five of Russia’s six largest state banks are under sanction.