Facing economic calamity, Putin talks of nationalizing Western businesses.

Of specific concern are Western firms that when symbolized post-Soviet Russia’s integration into the world economic system, like McDonald’s and Ikea, which have now shuttered lots of of shops and factories. Mr. Putin informed officers within the televised assembly that the property of such firms must be put beneath “exterior administration” after which transferred “to those that need to work.”

Dmitri A. Medvedev, the vice chairman of Mr. Putin’s safety council, mentioned the Kremlin may reply to Western firms leaving the Russian market with the seizure of their property “and their doable nationalization.”

The prospect of the Kremlin seizing non-public property rattled Russia’s enterprise neighborhood. Vladimir Potanin, a metals magnate who’s one among Russia’s richest males, launched an announcement warning that such nationalization would “carry us again 100 years, to 1917” — the 12 months of the Russian Revolution, when the Bolsheviks forcibly took over non-public enterprises.

Russian oligarchs are going through their very own menace to their property. On Thursday, the British authorities positioned new sanctions on seven distinguished Russian businessmen, together with Roman Abramovich, the proprietor of the Chelsea soccer membership, and Oleg V. Deripaska, a strong metals magnate.

Not all Russians are affected equally by the financial dislocation.

These employed by the sprawling public sector and state-owned firms — who make up a lot of Mr. Putin’s political base — are comparatively insulated, with their jobs prone to be safe. Against this, middle-class Russians whose jobs and lives are tied intently to the world economic system, and who’re already extra probably than the typical Russian to oppose Mr. Putin, are beneath better menace.

The chance for the West, some warned, is that the crushing sanctions may spark a backlash.

“The medication may turn into worse than the sickness, even from the viewpoint of declared targets,” Mr. Enikolopov mentioned, arguing that the sanctions may find yourself entrenching anti-Western views. “Nobody is trying on the collateral harm in any respect.”

On the shore of western Russia’s Lake Valdai, Tatyana Makarova, an entrepreneur, mentioned that she supported Mr. Putin’s warfare in Ukraine — and that the impression of the sanctions solely exhibits that Russia has been excessively depending on the West. Ms. Makarova, who owns a small cleansing firm, mentioned in a telephone interview that she believed the financial disaster would lastly power Russia to develop homegrown expertise.