Russian Oligarchs Are Starting to Feel the Sanction Squeeze

French customs officials have taken control of a giant yacht owned by Rosneft Chief Executive Officer Igor Sechin as part of the European Union’s sanctions against Russia, French Finance Minister Bruno Le Maire said on Thursday. It’s just the latest example of the West’s strategy to further isolate Russia through widening penalties.

Monaco, long a haven for Russian money, announced that it’s freezing Russian assets and abiding by EU sanctions. Switzerland abandoned its historic neutrality to do the same. Europe has shut down its airspace to Russian planes and is discussing excluding seven Russian banks, including VTB — the country’s second-largest lender — from SWIFT, the messaging system that underpins global finance.