The latest chapter in the conflict over Ukraine involves the imposition of sanctions by the United States and the European Union against Sberbank, and against Rosneft, the heavyweight among Russia's state-owned oil companies. While it has taken some time for this particular shoe to drop, the consequences could be significant.

Taken in tandem with previous sanctions, all the energy "bigs" in Russia are now in the crosshairs, along with the major banks that were already part of a previous round of targeted sanctions initiated in response to continued Russian moves against Ukraine. While Sberbank and Gazprom may not be household terms in the West, they are giants in Russia. Keep in mind that energy and banking are among the most critical of critical infrastructures, so hitting them with sanctions is hitting where it truly hurts. Despite buoyant Russian rhetoric, the impending reality for Russia's energy and banking sectors is unlikely to be so rosy.