The Russian economy was slowing even before President Trump’s latest threats. But the Kremlin has enough money to keep fighting in Ukraine.

The US economy will feel the pain if Trump goes ahead with his plan to whack countries buying Moscow’s oil with fresh tariffs on their goods.

"The key channel by which secondary tariffs on buyers of Russian energy could impact the global economy would be through the level of energy prices," says Kieran Tompkins from the consultancy Capital Economics. If the tariffs work, they will cut the flow of Russian oil and gas to global markets.