The recent allied air raid on Syria may not do much to deter Russia’s client there, Bashar al-Assad. But the US financial sanctions that preceded it hit Russian securities like a bombshell.

The VanEck Vectors Russia exchange-traded fund has dropped by more than six percentage points since the Treasury Department’s April 6 announcement. The ruble is down 5.3% against the dollar, and yields on Moscow sovereign bonds have risen by almost half a percentage point. This despite a relief rally since April 16, when Donald Trump nixed his United Nations Ambassador Nikki Haley’s promise to pile on yet more sanctions.