The economic penalties that the US and its allies have imposed on Russia for invading Ukraine are sweeping. As of late October, the American government had issued about 1,500 new and 750 amended sanctions listings since the war began, according to the state department.

The measures have hurt Russia in some ways, but they have not been as devastating as Western officials had hoped. The backbone of Russia’s economy — oil and gas exports — remains largely intact. It could suffer more in the coming months, but Russian officials are withholding important data, making it harder to gauge the true effect.

Here are five key areas analysts are watching.

Finance

The treasury department is enforcing sanctions on Russia’s largest banks, leaving those institutions cut off from conducting transactions with banks and companies around the world that want to avoid being punished by the US government. These measures also prevent many Russian companies from doing business because they need to use the international banking system for transactions.

Trade

The EU, Britain and the US have placed restrictions on some trade with Russia, including halting sales of luxury items. But some governments have been more reluctant to clamp down on Russia’s energy trade, and some countries continue to purchase Russian uranium, diamonds, nickel and other raw materials.

Technology

The US and its allies are aiming to cripple Moscow’s ability to wage and finance a war. They have banned global exports of semiconductors, computers, lasers, telecommunications equipment, and other technical goods to Russia. And they have imposed sanctions on Russia’s largest military and defence conglomerate, its largest maker and exporter of microchips and on a company that produces missiles the Russian military is using in Ukraine.

Energy

The US and its allies have found it difficult to squeeze revenues that Russian state owned enterprises have received from energy sales. Russia is the world’s third-large oil producer, and oil sales area cornerstone of its economy. As global inflation soars, governments are reluctant to impose energy bans that could end up increasing market prices.

Elites

The Biden administration has imposed sanctions on hundreds of Russian government officials, executives and oligarchs, along with many of their family members. Among those penalised are President Vladimir V. Putin; his foreign minister, Sergey V.Lavrov; and Russia’s top two military commanders, defence Minister Sergei K. Shoigu and the chief of the general staff, Valery Gerasimov.