The pairing of financial sanctions with export controls would inflict pain immediately and over time. The impact of financial sanctions, which could apply to Russia’s largest banks as well as to civilian aerospace, maritime or emerging tech firms, would probably be felt first, experts say. Banking sanctions in particular probably would drive up Russian inflation and trigger a devaluation of the ruble, they say. Export controls, on the other hand, build over time as the cumulative effect of companies shutting off sales to Russia begins to hurt industrial production.
