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Hello and welcome to Coffee House Shots, the Spectators Daily Politics Podcast. I'm Isabel Harbin and I'm joined by Cater Balls and James Forsyth.

Well, we've had another announcement from Boris Johnson today about further action against Russia following the latest incursions into Ukrainian territory.

James, just bring us up to speed on where we are.

So Boris Johnson was making clear today at PMQ's that the UK will ban Russia from selling its debt on the London market.

Now, you can see what this is meant to do, but one of the challenges,

I say in the magazine this week, is that Russia has been essentially preparing itself for these

sanctions ever since Vladimir Putin in the next Crimea in 2014. Russia now has $630 billion

worth of foreign currency reserves.

That's up 75% since 2015.

Putin has also kept the state budget under control, so it doesn't need to shift that much of its

debt on the world markets.

Adam 2's economic historian calculates that, you know, if oil is at $44 a barrel, he says, you know,

the Russian budget can break even. You know, oil is now trading in part of this crisis in Ukraine

at close to $100 a barrel. And Katie, Boris Johnson made his announcement at the start of

Prime Minister's questions, which was understandably focused on Russia and Ukraine.

How do you think it went for him?

Yeah, I mean, I think that if you look at the response in the Chamber when the Prime Minister

was talking about various sanctions that they were bringing in, I think there was one of lots of

MPs that should have been quite underwhelmed.

Obviously, it's a handful of banks, a handful of oligarchs who have been named as those who are

...