Explainer: What will sanctions mean for Russia — and for Europe?

‘Londongrad’ has long been seen as a haven for Russian oligarchs friendly to Vladimir Putin such as Chelsea Football Club owner Roman Abramovich. File picture

Following Russia’s invasion of Ukraine, the US and its Western allies will announce significant sanctions directed at president Vladimir Putin’s allies and Russia’s financial system.

Individual targets include the Russian defence minister, the chiefs of the Russian air force and the Black Sea fleet, 351 members of the Russian state duma who voted to recognise the independence of the contested south-eastern regions of Donetsk and Luhansk, along with organisations linked to the Russian defence and financial sector.