EU leaders have been reluctant to impose harsh penalties in part because of concern about a negative impact on their own economies.
Germany will suffer the most for its exports to Russia make up over one third of EU’s total exports to Russia, and this will also hurt Germany’s 3 hundred thousand jobs if trade with Russia is affected. France will lose its large arms export bills while Italy may suffer a cold winter due to the cut-off of gas cooperation with Russia.
British Prime Minister David Cameron is the single firm advocator of sanctions on Russia but British Petroleum warns of negative impacts as the company holds about 20 percent of Russian oil giant Rosneft Oil.