Russia sees 'serious capital flight,' economy slows

Fallout from the sanctions -- and from Russia's destabilization of Ukraine -- could be far-reaching. The worst-case economic scenarios are fairly awful, says Donald Luskin, chief investment officer for Trend Macrolytics.

"We think the feasible worst-case is a war of strong trade sanctions, depriving Russia and Europe of mutual trade," he says. "That would hit both sides hard -- Russia, because if derives 12.3% of GDP from exports to Europe, and Europe because it sources a significant share of its natural gas from Russia."