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How the latest penalties for invading Ukraine will hit Russia, and may also spill over into the world economy.

Ed Butler explores what the democratic world hopes to achieve with their targeting of the Russian Central Bank's currency reserves, as well as the exclusion of major Russian banks from the global communications network Swift. Elina Ribakova, deputy chief economist at the Institute of International Finance, says it will put a huge strain on Russia's economy and finances, although the authorities may be able to fend off the worst effects for months yet.

Meanwhile, historian Adam Tooze notes that Russia's biggest export - oil and gas exports - have been carved out of the latest round of sanctions, softening their impact. While lawyer Nigel Kushner explains how hard it may be for the Russian authorities and oligarchs to circumvent the new restrictions.

(Picture: A demonstrator holds a poster reading "Ban Russia from SWIFT" during a protest against Russia's invasion of Ukraine; Credit: Hans Punz/APA/AFP via Getty Images)