US President Joe Biden announced new sanctions against Russia on Thursday and said they have been agreed upon by G7 and NATO members.
While "it will not feel like much" to Ukrainians, it's "fair" to describe these sanctions as robust, said CNN anchor Erin Burnett reporting from Lviv, Ukraine.
"Obviously, it's a disappointment that Europe would not get on board with bans to the SWIFT Banking system," she added.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication which is used by over 11,000 financial institutions to send secure messages and payment orders.
Burnett explained the numbers that matter here in relation to the sanctions Biden announced:
First, $100 per barrel
"That is where Brent and crude oil are trading now. So denying Russia, and those companies that deal with that, the ability to benefit from that — that's pain," she said. "To the extent they can still sell it to China, which they can. China is still going to remain — unless there's a big development here — going to pretty much become the primary buyer of a lot of Russian things and the primary provider of those tech exports."
Second, 33%
"That's how much the Russian stock market finished down today, after initially losing half its value. So there's pain there. Putin said about an hour or two ago to the wealthy in that country that your patriotic duty is to now shoulder some of the downside here, making it very clear there will be pain."
Third, the unknown.
Biden mentioned the "elites and their families, the billionaires, the corrupt" in Russia will be sanctioned, Burnett said. "He didn't tell you how many and he didn't tell who they are. He said we're going to know in the coming days. That's crucial. So far they have only sanctioned five of them."
She added that the list of Russians sanctioned so far are not anywhere near the top 25, 35 or 45 wealthiest Russians. "This list is going to really matter" Burnett said.
"A lot will come down to who the individuals are, and are they really going to block them from access to the things they care about the most? The art galleries, yachts, women, and the glitz of the western world. That's what they want. If isn't blocked, then they will not be effective," she said.
More context: In his White House remarks today, Biden said his threat to directly sanction Russian President Vladimir Putin is “not a bluff,” he told CNN.
Biden said the current sanctions “exceed anything that's ever been done,” but he didn’t answer when asked why he hasn’t directly sanctioned Putin yet.
Asked by CNN’s Kaitlan Collins what could stop Putin if sanctions can’t, the President responded, “I didn’t say sanctions couldn't stop him.”
“The threat of the sanctions and imposing the sanctions and seeing the effect of the sanctions are two different things,” Biden said. “He's going to begin to see the effect of the sanctions.”
Pressed by Collins on if direct sanctions on Putin were a step he was prepared to take, Biden said the threat was “not a bluff, it’s on the table.” But asked why not sanction him now, the President didn’t respond.
CNN's Nikki Carvajal contributed reporting to this post.
Here's how CNN's Abby Phillip reacted to President Biden announcing the second round of sanctions against Russia: