You may have wondered what exactly the consequences are of the sanctions placed upon Russia following its war against Ukraine. My understanding is that the impact of Russian banks’ exclusion from SWIFT is overrated but that the sanctions against Russia’s Central Bank are much harder to overcome and cut to the very bone of the nation’s economy.

In addition, the suspension of Visa and MasterCard transactions in Russia has to be devastating. How? Let me offer a very minor, pedestrian example from personal experience.