Ukraine crisis: sanctions against Russia come at a cost to the west

Analysis: The west will adopt step-by-step approach, leaving toughest sanctions as last resort

After all the tough talk of the past month, the sanctions imposed on Russia by the west are unlikely to lose Vladimir Putin much sleep. The response to Boris Johnson's announcement that five of the less important Russian banks and three individuals would be targeted was: is that it?

The most dramatic news was Germany's decision to halt approval of the Nord Stream 2 gas pipeline from Russia to western Europe. That will have an impact, but may end up affecting Germany more than it does Russia.