Both the United States and Europe announced new economic sanctions this week against Russia for its role in the conflict in Ukraine. Among other things, Western companies will no longer be able to sell Russia new technologies to develop its oil fields.
The move comes at a time when oil exports have become more important than ever for the Russian economy.
President Obama says the sanctions are meant to send a strong message:
"We've also made it clear, as I have many times, that if Russia continues on its current path, the cost on Russia will continue to grow," he said earlier this week. "Today is a reminder that the United States means what it says."
Targeting Russia's energy sector is one way the West is hoping to get its point across.
It's hard to overestimate the importance of energy to Russia's economy. Three-quarters of everything Russia exports are commodities, and most of that is oil and natural gas. Yet the sanctions imposed this week are limited. For one thing, European officials insisted that the sanctions not apply to natural gas exports.
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