Despite unprecedented sanctions, Russia's economy is still functioning and it's still attacking Ukraine. That's led to questions about whether the sanctions are effective.
Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.
The clock ran out on Russia's payments. But there's a twist: Russia does not consider itself in default because the country has the money, just its payments have been blocked by Western sanctions.
The company first arrived in Russia in 1851 to deliver devices for a major telegraph line. It primarily does maintenance work on high-speed trains these days — though it's now winding down operations.
It was seen as a way for Russia to prop up its currency and retaliate for Western sanctions, but it could cause global energy prices to spike. One analyst sees it as a warning to the rest of Europe.
The move was widely seen as an effort to prop up the ruble and strike back at Europe amid an onslaught of Western penalties levied against Russian banks.
The city is preparing to retrain some workers and give temporary public works jobs to thousands more as a growing number of Western companies distance themselves from Russia.
German authorities impounded the 15,917-ton yacht after confirming that sanctioned Russian billionaire Alisher Usmanov had transferred ownership to his sister, who is also under Western sanctions.
