Russia warns of 'swift' sanctions against 'sensitive' areas of the West

'Russia's reaction will be swift, thoughtful and sensitive for those it addresses'

An elderly woman sits on a bench wrapped in a blanket in a subway station turned into a shelter in Kyiv, Ukraine, Tuesday. (AP Photo/Vadim Ghirda)

Russia warned the West on Wednesday that it was working on a broad response to sanctions that would be swift and felt in the West's most sensitive areas.

Russia's economy is facing the gravest crisis since the 1991 fall of the Soviet Union after the West imposed crippling sanctions on almost the entire Russian financial and corporate system following Moscow's invasion of Ukraine.