The Kremlin does not want the Russian people to think that these sanctions are going to bite, even though international experts are saying that they will, and deeply too.

We are seeing some effects already today – the rouble fell to a record low, we’ve learned that the stock exchange is not going to open and Russia’s central bank has more than doubled its key interest rate.

Nevertheless, the Kremlin has reiterated that Russia was expecting these sanctions and it has prepared for them.

Beneath that of course there is going to be concern in the Kremlin, and Vladimir Putin is going to meet economic advisers today.

People are of course going to start noticing a difference. Already there have been queues at cash points, with people predicting perhaps even a run on banks.

Presumably in the coming days people will see the value of their savings start to fall, perhaps job losses – all that comes with such unprecedented sanctions.