European business leaders are watching.
(Read more: Markets have yet to deliver verdict on Ukraine)
"On a personal note, I do hope the situation will not worsen any further and I would hope all parties involved including Russia would return to the negotiating table as soon as possible," said Christine Hohmann-Dennhardt, member of the board of management at Daimler for integrity and legal affairs.
Hohmann-Dennhardt was speaking to the FWA at a meeting in Daimler's Berlin office.
"I think I feel about this the same as you. We are quite horrified in the light of this confliict," she said.
One former high-ranking German official, in a separate meeting and interview, said the situation is very serious and the path will become more clear as to severity within the next week. He also stressed that nobody is talking about military intervention.
Camille Fohl, chairman of the management board Germany at BNP Paribas also spoke before the FWA gathering. "To me as long as people are speaking together, there is hope," he said in an interview.
The European Union meets later this week and the Group of Seven meets in The Hague next week.
Fohl is focused on expanding BNP's business in Germany, where last year the company added 500 employees for a total workforce of 4,000. He said BNP—in Germany since 1947—has the No. 1 securities services and real estate businesses in the country.
Many midsized businesses have ties to Russia.
(Watch: Germany: Investors nervous about future)
"Yes, it is an important partner but everyone is concerned and conscious about the far-reaching political meaning of this crisis," Fohl said.
Yergin, in an interview, said he has been discussing his report on German's energy position in Berlin this week with officials and business. German energy is far costlier than that in the U.S.
"It's now reached a state of high alarm in the German business community and it's now become a political issue," said Yergin of energy competitiveness. "The high-cost energy system has now become a drag on the economy and it's recognized by the unions as well as the business community."
Yergin said the Germans have embarked on a rapid move to renewables which proved more expensive than a few years ago. "The assumptions behind the current energy was that prices would go higher and higher and the shale gas revolution has upended that view and made the U.S. more attractive as a place to manufacture," he added.
(Read more: Think US nat gas can threaten Russia? Think again)
In its report, IHS suggests shale gas drilling, widely opposed in Europe, could be a potent source of energy if Germany chose to pursue potential fields.
Yergin said that debate about shale is likely to heat up as has the discussion about further gas and now oil exports from the U.S.
In a new report, released Wednesday, IHS said it does not foresee a cutoff of Russian gas supply to Europe.
It said the most likely scenario for now is one in which Russia retains Crimea but does not escalate with a military presence into other regions of Ukraine.
—By CNBC's Patti Domm. Follow her on Twitter @pattidomm.