The economic impact on Russia is already staggering. When markets opened on Monday morning, investors got their first chance to react to the Russian intervention in Ukraine over the weekend, and as a result, the key Russian stock indexes tanked by more than 10%. That amounts to almost $60 billion in stock value wiped out in the course of a day, more than Russia spent preparing for last month’s Winter Olympic Games in Sochi. The state-controlled natural gas monopoly Gazprom, which accounts for roughly a quarter of Russian tax revenues, lost $15 billion in market value in one day – incidentally the same amount of money Russia promised to the teetering regime in Ukraine in December and then revoked in January as the revolution took hold.

The value of the Russian currency meanwhile dropped against the dollar to its lowest point on record, and the Russian central bank spent $10 billion on the foreign exchange markets trying to prop it up. “This has to fundamentally change the way investors and ratings agencies view Russia,” said Timothy Ash, head of emerging market research at Standard Bank. At a time when Russia’s economic growth was already stagnating, “This latest military adventure will increase capital flight, weaken Russian asset prices, slow investment and economic activity and growth. Western financial sanctions on Russia will hurt further,” Ash told the Wall Street Journal.