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Content: Sixty per cent of Europe’s gas comes via pipelines routed through Ukraine and so if Russia turns off the taps to its Ukrainian pipelines Western customers will be forced to draw on reserves and gas prices will soar. Thus the EU’s room for manoeuvre is limited. However, European countries account for 84 per cent of Russia’s oil exports and 76 per cent of its natural gas exports. In all, 20 per cent of Russia’s GDP – £250billion – is generated by fuel exports to Europe, so it needs revenue from sales to Western countries almost as much as the Europeans need its gas. Meanwhile Russia has doubled the price of gas it sells to Ukraine. Ousted Ukrainian president Viktor Yanukovych (L) and Russian president Vladimir Putin  [REX/GETTY]
HOW DOES IT AFFECT RUSSIA? Following the referendum in the Crimea on March 16 the US ordered the freezing of assets and travel bans on 11 Russian and Ukrainian individuals, while the EU imposed the same sanctions on 21 people. One of those named, deputy prime minister Dmitry Rogozin, tweeted in response: “ I think some prankster prepared the draft of this Act of the US President.” The EU later added another 12 individuals to its sanctions list and the US announced further sanctions on individuals and against the Rossiya bank.