Russia has close economic ties with the UK and the rest of the EU so any trade and financial sanctions are likely to hurt both sides. Find out more about which countries do the most business with Russia in the series of charts below.
The EU ranks as Russia's number one trading partner, accounting for almost 41% of all trade.
Trade between the two economies has grown steadily and reached record levels in 2012.
EU exports to Russia are dominated by machinery and transport equipment, chemicals, medicines and agricultural products.
Imports to the EU from Russia are dominated by crude oil and gas. According to the Energy Information Administration (EIA), European countries import 84% of Russia's oil exports, and about 76% of its natural gas.
Germany is the single biggest importer of Russian oil and gas, while the UK buys about 6% of Russia's gas.
The US is also an important trading partner for Russia. In 2013, the value of its imports was $26.9bn, more than double the value of its exports. The US imports about 5% of Russian oil.
Biggest traders
Most EU member states show trade deficits with Russia, the largest in 2012 being the Netherlands with a -21bn euro deficit.
The highest surpluses were recorded by Denmark and Slovenia.
Around 85% of exports to Russia consisted of manufactured goods, while energy accounted for more than three quarters of imports, according todata from Eurostat (PDF).
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