Russia is already paying an economic price for its actions in Ukraine.

The Russian Central Bank was forced to hike interest rates over night from 5.5% to 7% in order to stem the plunging Russian ruble.

And the stock market crashed.

The MICEX index, the country's benchmark index, fell 12%.

The market has already been quite bearish on Russian assets this year, particularly the ruble. But the prospect of sanctions and an expensive conflict are leading to swift punishment in the market.