What sanctions could West still impose on Russia?
But for now, trade can still flow - not least key exports like oil and gas, for which Russia is a major global supplier.
"That's already been politically tough for Western leaders to stand by and I think it's going to become even tougher as the Russian military escalates its use of force."While oil and gas transactions are key to preventing the Russian economy from going "off a cliff", cutting off that lifeline risks provoking more extreme reaction by Russia, says Jeffrey Schott, senior fellow at the Peterson Institute for International Economics, a Washington think tank.
What's more the commitment, announced by Western allies this week, to release a 60m barrels of oil from strategic national reserves - half of which will come from the US - will only act to soften a temporary spike in prices.
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