RNFTF - What is the market telling us about the impact of Russian sanctions?

Western leaders made a series of strongly-worded speeches Thursday, laying out plans for Russian sanctions. Today the Russian stock market is up ~20%, the Ruble is up ~3.5%, oil prices are down ~1.5% (NYSEARCA:USO) and European natural gas prices are down ~10%.  European leaders were rumored to sanction the Russian energy sector yesterday; however, the European Commission President cleared the air, announcing Europe would "make it impossible for Russia to upgrade its oil refineries." Europe will buy more gas from Gazprom (OTCPK:OGZPY) today than before Russia's invasion of Ukraine.  Biden's speech largely pointed towards blocking select Russian banks from the global financial system. He also announced export restrictions that would "include restrictions on semiconductors (NASDAQ:SOXX), telecommunication (NYSEARCA:XTL), encryption security, lasers, sensors, navigation, avionics (BATS:ITA), and maritime technology."  Prime Minister Johnson planned to "exclude Russian banks from the UK financial system." Though no plans were made to force UK businesses to

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What is the market telling us about the impact of Russian sanctions?