Sanctions by necessity harm both sides. However Russia is a much smaller economy than either the EU or US (both of which are seven-eight times bigger). Any economic retaliation and escalation will therefore harm Russia more. The threat to cut off gas supplies is a major threat but Russia can’t simply sell the gas elsewhere because its pipelines mostly go to Europe. In the 2009 ‘gas war’ which involved supplies to Europe being restricted (though not completely cut off) for 20 days Russia’s state gas company Gazprom lost $1.1billion in revenues. [1] A more complete cut off would have higher losses.  [1] Pugliaresi, Lucian et al., ‘Is it time for Gazprom to hit the reset button?’, Oil&amp;Gas Journal, 3 September 2009