DAVOS, Switzerland — For the second year in a row, Western sanctions have prevented Russian officials and oligarchs from attending the World Economic Forum in Davos, the Swiss ski-resort town that hosts the annual confab of the ultra-rich.

That’s welcome news for many — including Western officials who’ve spent the past 11 months trying to persuade the international community to shun Moscow for its actions in Ukraine. And it is a win for the Ukrainians attending this year’s conference as they ratchet up their calls for more weapons from allies.

But it’s also forcing the world’s CEOs to grapple with the new reality of how to operate in a world where working with Russia is off the table.

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