Here’s what Western allies hit in the first wave of Russia sanctions

Shares in Russia’s two biggest banks, Sberbank and VTB, rallied after they were left out. Oil fell after President Joe Biden’s speech, signaling that US actions were viewed as incremental. Biden called them a first tranche. 

Here’s a rundown of the measures:

The US

• Sanctions on Russia’s sovereign debt, the country’s “elites and their family members” and VEB.RF and its military bank
• The sovereign debt sanctions, the harshest of the penalties, effectively cut Russia off from western financing and means it will no longer be able to trade in its new debt on US or European markets
• Biden, who signed an executive order Sunday blocking new investments in the separatist territories by U.S. persons or businesses, said the U.S. will “continue to escalate sanctions if Russia escalates”
• Meanwhile, lawmakers in Congress haven’t been able to agree on bipartisan package to impose sanctions on Russia

The UK 

• Five Russian banks including Bank Rossiya and Promsvyazbank
• Three individuals saw their assets frozen: Gennady Timchenko, Boris Rotenberg and Igor Rotenberg
• UK sanctions kick in immediately

The EU 

• 351 lawmakers of the Russian state Duma who voted for recognizing separatist regions in eastern Ukraine, plus another 11 Russians who proposed the recognition
• Three Russian banks that finance military or other operations in the separatist-controlled regions of eastern Ukraine: VEB.RF, Bank Rossiya and Promsvyazbank
• Restrictions on Russian government to access EU capital and financial markets and services
• Trade from the two breakaway regions to and from the EU
• EU sanctions still need to be confirmed by member states