Russia market crash show 'our sanctions are working': Olaf Scholz

BERLIN

: Heavy sanctions imposed by Western allies against

Russia

over its invasion of

Ukraine

are already showing effect, German Chancellor

Olaf Scholz

said Sunday, warning that further embargoes could come if

Moscow

failed to change course.

"Already in the last week, the Russian stock markets sank by more than 30 percent. That shows: our sanctions are working," said Scholz.

"And we reserve the right to impose further sanctions," he warned.