Is 'fortress Russia' ready for new Ukraine sanctions?

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MOSCOW - US President Joe Biden and Western leaders have described"unprecedented" economic penalties and sanctions"with massive consequences" in the event Russia invades Ukraine.

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MOSCOW - US President Joe Biden and Western leaders have described"unprecedented" economic penalties and sanctions"with massive consequences" in the event Russia invades Ukraine.Putin, oil and gas

The Kremlin said in response the move would be pointless since Russian officials are barred from holding wealth abroad and that it would damage diplomacy on the Ukraine crisis. Russia has weathered waves of Western sanctions in the wake of its annexation of the Crimean peninsula from Ukraine in 2014, which hit the ruble and saw foreign investment dwindle.

The country also has a small external debt compared to other global powers and a large reserve of foreign currencies accumulated by the central bank. Cutting Moscow off from international payment systems would complicate Europe's payments for its gas imports, more than a third of which come from Russia.In response to sanctions in 2014, Moscow put in place an embargo on imports of most food from the West and implemented a strategy for"import substitution".

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