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

Shares of two of Russia’s biggest banks, Sberbank and VTB, gained momentum after they left. Oil fell after President Joe Biden’s speech, signaling that US actions were seen as incremental. Biden called them the first installment.

Here is a brief description of the measures:

America

• Russia’s sovereign debt, sanctions on the country’s “nobility and their family members” and VEB.RF and its military bank
• The sovereign debt embargo, the harshest penalty, effectively cuts Russia off Western funding and means it will no longer be able to trade in its new debt on US or European markets.
• Biden, who on Sunday signed an executive order blocking new investment in separatist areas by American individuals or businesses, said the US would continue to increase sanctions if Russia went ahead.
• Meanwhile, lawmakers in Congress have not been able to agree on a bipartisan package to impose sanctions on Russia.

UK

• Bank Rossiya and Promsvyazbank . including five Russian banks
• Three men saw their property frozen: Gennady Timchenko, Boris Rotenberg and Igor Rotenberg
• UK sanctions apply immediately

The European Union

• 351 MPs from the Russian State Duma who voted to recognize separatist regions in eastern Ukraine, as well as 11 other Russians who proposed recognition
• Three Russian banks that finance military or other operations in separatist-controlled areas of eastern Ukraine: VEB.RF, Bank Rossiya and Promsvyazbank
• Restrictions on the Russian government from accessing EU capital and financial markets and services
• Trade to and from the EU from two different regions
• EU sanctions still need to be ratified by member states