EU Nations Study Cost of Economic Sanctions against Russia

The EU's executive has concluded a study of the cost to member states of imposing economic sanctions on Russia and has handed individual assessments to all 28, diplomats said Wednesday.

The European Commission assessed the potential impact on each of the bloc's 28 economies of agreeing trade and financial sanctions over the Ukraine crisis and handed the data in individual envelopes to EU ambassadors, said an EU diplomat speaking on condition of anonymity.

The Commission was asked by EU leaders at a Ukraine crisis summit in March to study the impact of such measures, which would harm the economies of many EU states if agreed.

"Governments have several days to look at the figures and report back," said one source while another said the deadline was for next Tuesday.

With Europe dependent on Russia for almost 30 percent of its gas, there are fears of retaliatory measures in the energy sector.

Britain's financial sector is also heavily involved in business with Russians, while Germany massively trades with Moscow and France has significant arms deals at stake.

The Commission is also looking at an extension of individual sanctions against Ukrainians and Russians after slapping visa bans and asset freezes on almost 40 people, a dozen of them members of President Vladimir Putin's inner circle and Black Sea and Crimea commanders.

Among the dozen are Russian Deputy Premier Dmitry Rogozin, Putin aide Vladislav Surkov and the speakers of both chambers of the Russian parliament.