the back of high energy prices. If the EU were to ban imports of energy from Russia, or if Russia itself limits or stops … gas exports to the EU, the trade impacts would be much more significant. The medium- and long-term outlook for Ukraine … integration with the EU. For Russia, the economy will lose its access to Western technological transfer, and this cannot be fully …

limited sanctions response, particularly from the EU, while a full invasion would entail major sanctions from the West as a … the EU -is unlikely given the sizeable negative impact it would have on both sides. Aside from energy, the most painful … accelerate EU moves towards energy diversification away from Russia. However, the economic impact of this on Russia will be …