President Obama upped the ante yesterday in the burgeoning trade war with Russia over the annexation of Crimea from Ukraine when he announced an executive order that authorized sanctioning Russian economic sectors. The first round of sanctions targeted individual Russian officials, but now enterprises involved in Russia’s energy sector – including banks, trading houses and oil and gas companies – could feel pressure.

In televised remarks, Russia’s foreign minister, Sergey V. Lavrov suggested the Kremlin could retaliate against the sanctions in some fashion, but Putin responded that now is not the right time.

“I think we should refrain from taking steps in response for now,” he said. – New York Times

Energy industry watchers will be paying close attention to this tense and rapidly evolving situation.