If you are a Russian billionaire, these are tough times.

The New York Times “The Morning” has the story of what happened in the U.K. yesterday to the Chelsea soccer club. The British government shut it down.

According to the piece, Chelsea can no longer sell tickets or sign players. Shoppers in the souvenir store buying team merchandise were told to put everything back and leave.

The team’s owner, Roman Abramovich, is one of seven oligarchs whose assets Britain froze yesterday.

Reuters reports that French authorities have seized four cargo vessels and one luxury yacht linked to oligarchs. Other yachts owned by oligarchs are stuck at sea with no place to go.

These very rich business leaders, oligarchs, have a great deal of political influence in Russia. They are definitely feeling the heat these days.

Fox Business is reporting that President Biden is expected to call for the end of normal trade relations with Russia. That will allow for increased tariffs on imports from the country.

Fox News reports that Biden will make the announcement in conjunction with other G7 and EU leaders.

Clearly, the Russian economy is hurting. A deep recession is predicted. The sanctions against Russia are unlikely to affect things in the short term. Long term, they will.

Is all of this enough to stop Vladimir Putin’s invasion of Ukraine? Not yet. We are reporting today that Russia has widened its military offensive in Ukraine. Now, moving into the western part of the country.

When this is over how will Ukraine look? What will be left? No idea. What we do know is there won’t be much left of Russia’s economy. It’s done. Will take years to recover.

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