Raoul Ruparel of Open Europe, an EU policy think tank, said: “The UK looks likely to bear the largest economic burden from these sanctions. The financial sanctions are the most developed and will hit Russian state-owned banks debt and equity issuance, which takes place largely through London.
“The sanctions have been designed to have a larger impact on Russia than the EU. This looks likely to be the case. Russian firms will have to look elsewhere for funding and certain hi-tech imports – a tricky, if not impossible, task.”
But according to banking expert Ralph Silva, going after Russia’s banks would hurt the West the most.
“This will ultimately hurt the City, as well as New York,” he says, “because for the first time, the Russians are going to realise that they in fact can live without the global financial services industry.
BBC News – Russia sanctions: Who will be hurt the most?.
