We’re tracking the immediate impact of the biting sanctions of the United States targeting the oligarchs of the Russian Federation as individuals. Some of the most powerful people in Russia – Viktor Vekelsberg, Oleg Deripaska, and others – have been directly sanctioned.

This is extremely important as the Russian Federation has used its oligarchs as a de facto tool of the State’s policies. They also hold billions in assets outside of Russia.

The impact of this change cannot be overstated – and we suspect this shift has only just begun.

The ruble’s plunge in currency exchanges is but the beginning.