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Russia sanctions: Who’s losing out so far

The sanctions taken against Russia by the West over its annexation of Crimea are already having an impact, which is set to deepen in coming months.

The first round of sanctions, which came out earlier in March, were viewed as weak, but a second round announced last week seemed to have more far-reaching impact. Visa and MasterCard have stopped providing services for clients at the two Russian banks, Rossiya and SMP, which have already been targeted by sanctions.

Alexander Khudoteply | AFP | Getty Images

"The actions taken by the US/EU bring Russia to the outer limit of the 'inconvenient' sanctions," Chris Weafer, senior partner at Moscow-based firm Macro-Advisory Ltd, said. "Any additional sanctions are likely to cross into the trade and economy disruption category. It is that threat which is now of greatest concern to investors and the business community."

(Read more: Russian troops seize Ukrainian naval base)

Patriotic Russians have opened accounts at Bank Rossiya in response to the sanctions, according to Yuri Kovalchuk, the bank's chairman and one of the influential Russians targeted by sanctions.

Targeted trade bans, which are likely to be the next phase of sanctions, have not happened, but many companies seem to be behaving as though they are.

"We're not getting responses to calls or emails on deals that are supposed to close within weeks," one source at a Russian company told CNBC, speaking about Western companies whom they are supposed to buy goods from.

"There have also been numerous anecdotal reports of orders for goods and services to and from Russia being canceled and of a number of financial transactions being halted or at least delayed," Stephen Leach, emerging market economist at Citi, pointed out.

(Read more: Why sanctions and S&P may spoil Russia's Crimea party)

There are growing concerns that Western jobs are now at real risk if sanctions continue or are increased. Companies like Boeing, which uses Russian titanium, or General Electric, which leases aircraft to Russian airlines, may see profits dented by sanctions.

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