What has the US done?

Gennady Timchenko is one of the top players in the Russian business elite

The US sanctions also affect some of Russia's richest businessmen, including President Putin's inner circle.

Among them is Gennady Timchenko, a founder of the commodity trading firm Gunvor. He owns Volga Group, an investment firm with stakes in energy, transport and infrastructure, including Novatek, Russia's second biggest gas producer.

Igor Sechin is another big name on the US list. He is a former intelligence officer and long-term ally of Mr Putin, the most prominent of the inner circle figures who influence Kremlin policy.

Mr Sechin is chairman of oil firm Rosneft, which has energy partnerships with ExxonMobil and the UK's BP.

Mr Putin himself is not on the list - why? Western leaders do not want to treat Russia as an international pariah - they still want to be able to meet Mr Putin face-to-face. If he were on the sanctions list it would become harder to put direct diplomatic pressure on him. The West still needs Russian co-operation on a huge range of issues, including Iran and North Korea.

In July the US expanded its list to include more Russian businesses - including Rosneft and Novatek - as well as Gazprombank, part of the Gazprom state conglomerate. A Russian state bank dating back to the Soviet era - Vnesheconombank - is also on the list.

More US restrictions came in September, targeting the biggest Russian bank - Sberbank - defence conglomerate Rostec, Gazprom and some other major players in the Russian economy. Their access to long-term loans has been blocked.

Like the EU, the US has banned exports of services and technology to Russian state oil firms engaged in Arctic and deep-water exploration.

The famous Kalashnikov arms firm is there too, as are the unrecognised, self-styled "people's republics" established by the separatists in Ukraine's Donetsk and Luhansk regions.

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