This is also a story about how things can change, slowly, painfully, but for the better. https://en.wikipedia.org/wiki/Magnitsky_Act
I'm not necessarily saying I disagree with that law, but keep in mind that any new law which gives the government more power (or a legal excuse to do something, to be more exact) does have the possibility of being abused. These type of sanctions also impose a greater burden on financial institutions to keep track of individual names and exclude individuals. Something like this would not even have been possible or practical before the digital technological age of instant communication and computer databases. Technology making it possible for government to have more control, for better or worse. This is not a terrible example of that, but we should realize a law like this is just one more example. Now even if a business owner wanted to start a small bank, something like this law would just be one more legal burden to them (on top of a large number of other legal burdens that already exist). The intent of this law may be fair, but in most cases it will not accomplish very much.