A new round of sanctions were imposed on Russia by the European Union and the United States yesterday, targeting major sections of Russian economy in an effort to punish its aggressive actions in Ukraine. 

The latest round of sanctions placed a ban on Russian state-owned banks' access to western capital markets, according to The Guardian.

They also placed an arms embargo and ban on the sale of dual-use technology, which is used by the Russian military, in addition to restrictions on the export of oil-production machinery, as well as a prohibition on Arctic, deep water, and shale production. 

Additionally, Washington has banned three Russian, state-owned banks from accessing U.S. capital markets. 

Banning Russia's access to banks in New York and London, in addition to other western countries, could have major, negative effects on Russia's already struggling economy. The U.S. banned VTB, Russias' second-largest bank, the Russian Agricultural Bank and the Bank of Moscow. However, Sberbank, the largest bank in Russia, was not included on the banned list, which could lessen the effect of the sanctions. 

While the sanctions are clearly aimed at punishing Russia, trade between Europe and Russia is worth 10 times more than U.S. trade with Russia, meaning that certain European countries--many of which are still mired in economic crises-- could see negative effects on their economies as well. 

British Foreign Secretary Philip Hammond told The Guardian it would be "absurd" to suggest that the Russian sanctions will not have some impact on the Eurozone. 

According to The Guardian, European banks lent Russian banks around $155bn (£92bn) this March. 

The sanctions could therefore increase pressure on the rouble and increase capital flight, in addition to freezing investment plans. 

However, London will not be greatly affected by the sanctions, as London banks only receive 1 percent of its earnings from Russia. Austria's Raiffeisen Bank, which has many retail banking operations in Russia, faces a greater risk.

While the U.S. will not feel many negative effects from the sanctions in the banking sector, it could lose ground in the energy sector. BP, the world's third-largest oil producer, has a 20 percent stake in Rosneft, which is controlled by the Kremlin. BP brokered a deal with Roseneft to exploit shale reserves in the Urals. 

Statoil, Shell and ExxonMobil could also see losses due to the sanctions, but Russia will see the biggest losses, as the country is in dire need of western funding and support to modernize its refineries and pipelines. 

The E.U. sanctions excluded the gas industry, as Europe is still very dependent on Russia for gas supplies. Poland gets more than 80 percent of its gas from Russia, and Finland and the Baltic states rely entirely on Russia for gas. 

The ban on dual-use goods could have a major impact on Germany, which is the largest E.U. exporter to Russia. Germany exports machine tools, cars and chemicals to Russia, and around 6,000 German companies have dealings with Russia. 

The Committee on Eastern European Economic Relations estimated that Germany's exports could lessen by €6bn (£4.8bn), and that 25,000 people could lose their jobs if the sanctions continue. 

The ban on arms deals with Russia could also impact France and the United Kingdom, as the U.K. had 200 arms export licenses ready to sell military components and weapons to Russia.