The United States and its allies have released an unprecedented and sweeping set of sanctions and export controls in response to Russia's invasion of Ukraine. This includes blocking sanctions on most major Russian banks, asset freezes on Russian elites, and a broad set of restrictions on exports of technology to Russia. Over the weekend, we saw the announcement of sanctions on Russia's central bank, along with removing select Russian banks from the SWIFT system and sanctions on Putin himself. On March 2, the Center for a New American Security hosted a panel moderated by Richard Fontaine and featuring Edward Fishman, Tom Keatinge, Emily Kilcrease, and Elina Ribakova to discuss what these new sanctions and export controls mean, how they will impact the Russian and global economies, and what to expect next in the economic domain from the United States and allies. Edward Fishman is an Adjunct Fellow at the Energy, Economics, and Security Program at the Center for a New American Security. Tom Keatinge is the Director of the Centre for Financial Crime and Security Studies at the Royal United Services Institute. Emily Kilcrease is a Senior Fellow and Program Director of the Energy, Economics, and Security Program at the Center for a New American Security. Elina Ribakova is an Adjunct Senior Fellow at the Energy, Economics, and Security Program at the Center for a New American Security, and she is the Deputy Chief Economist at the Institute of International Finance.