Russia’s efforts to reduce its reliance on the global financial system have made it better prepared to weather the “crippling” sanctions that the US and Europe have warned would follow a new attack on Ukraine.

The relative success of what investors have called Moscow’s “Fortress Russia” strategy is likely to make western threats less of a deterrent, analysts say. Meanwhile, the EU has not weaned itself off Russian gas, making any restrictions on Russian energy exports potentially self-damaging — and leaving the possibility for Moscow to retaliate by limiting supplies.

The western sanctions under discussion could go far beyond those passed following Russia’s annexation of the Ukrainian peninsula of Crimea in 2014. They could ape punitive measures used against Iran and North Korea that all but cut the countries off from the global economy.