The targeting of major Russian energy firms may come to be seen as the turning point at which U.S. sanctions policy over-reached and spurred a major effort to re-route financial transactions away from the United States.
Prohibiting core Russian energy companies such as Rosneft, Gazprombank, Novatek and Vnesheconombank from arranging equity or long-term debt finance from or through "U.S. persons" marks a major escalation in the sanctions battle between the United States and its European allies on the one hand and the Russian Federation on the other.
Sanctions remain useful only if they are employed sparingly. Their utility is in danger of being blunted through overuse. Like any other weapon, if sanctions are used too often, opponents will develop countermeasures.