Wrestling meme Biden Putin Borrell Xi

Regions of Ukraine are holding referendums on joining Russia at the moment and Ukraine has said anyone who participates will be liable for a 5 year prison sentence. The votes have been widely characterized as a sham.

In any case, the votes will be used by Russia to annex the areas. In turn, that will change Russia's military stance in those areas as one of defending the country. That could (should?) provoke more brutal measures.

None of that is new today but the White House says it is proposed to impose additional economic costs on Russia with allies if it moves forward.

I'm not sure what's left to sanction that won't hurt other countries but there's a growing risk of secondary sanctions on oil and that would be a real messy in energy.