Yes, all this is grim for Putin... But there is nothing that nuclear weapons can't fix.

Of course, "don't be silly"; we were saying that this time last week too.

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}

The S&P 500, Dow and Nasdaq each opened lower. [WTI] crude oil prices (CL=F) soared to as much as $99.10 per barrel before paring some gains. Brent crude (BZ=F), the international standard, rose to a near seven-year high of more than $104 per barrel. Gold prices jumped while [US] Treasury yields slid as investors piled into [OECD] safe haven assets.

Capital Economics group chief economist Neil Shearing wrote in a note Monday. "So far at least the West has stopped short of a ban on energy imports from Russia, which would be the most powerful sanctions they could implement."

"At the same time, the US, European Union, UK and Canada have announced sanctions[freeze] on the Central Bank of Russia (CBR)," Shearing added. "This is perhaps a more significant move since it will substantially reduce the ability of the CBR to liquidate its foreign assets to support the ruble and help Russian firms service FX-denominated liabilities. Around 40% of Russia's international [FX] reserves are held in the financial systems of the countries that have signed up to these sanctions."

The ruble opened lower by about 30% against the dollar in offshore trading [Emerging Mrkt Economy [EME] currencies]

and Russia's central bank more than doubled its benchmark interest rate to a near two-decade high of 20% in a move to try and help counter the currency's depreciation.

"While ["]market fundamentals["] in the U.S. [bull market] have seen very minimal deterioration, sentiment-driven concerns are unlikely to change anytime soon. From a market perspective, sanctions against Russia will likely have the largest impact on currency markets, including the ruble, the Euro and the dollar," David Bahnsen, chief investment officer of The Bahnsen Group, wrote in an email Monday morning.

US Treasury Prohibits Transactions With Russia's Central Bank, Wealth Fund & Finance Ministry, 28 Feb

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has prohibited United States citizens from engaging in transactions with Russia's Central Bank, its National Wealth Fund, and the Ministry of Finance.

This action effectively immobilizes any assets of the Central Bank of the Russian Federation held in the United States or by U.S. persons, wherever located.
[...]
The United States has not taken this action alone. On February 26, 2022, partners and allies committed to imposing restrictive measures that will prevent the Central Bank of the Russian Federation from deploying its international reserves in ways that would undermine the impact of United States sanctions and the European Union followed up with their restrictions last night. Our actions demonstrate global support for Ukraine and the commitment to hold Russia's threatening, authoritarian rulers responsible for their HEINOUS actions.
[...]
Today's actions were taken pursuant to Executive Order (E.O.) 14024 [19 Apr 2021], which authorizes sanctions against Russia for its harmful foreign activities, including violating well-established principles of international law, such as respect for the sovereignty and territorial integrity of other states.
[...]
The Russia-related Sovereign Transactions Directive will disrupt Russia's attempts to prop up its rapidly depreciating currency by restricting global supplies of the ruble and access to reserves that Russia may try to exchange to support the ruble.  

Contemporaneously with the issuance of this directive, OFAC is issuing a general license to authorize certain energy-related transactions with the Central Bank of the Russian Federation and will follow with other authorizations and guidance as needed.

Yellen added that in coordination with partners and allies, the US was "following through on key commitments to restrict Russia's access to these its own valuable resources."