"The U.S., Europe and Russia are trading partners, with very strong ramifications on the banking side and the energy side," Daniel Lacalle, senior portfolio manager at investment management firm Ecofin, told CNBC. "Everybody has too much to lose."
"It simply cannot become an environment of isolation and Iran-type of sanctions. I think that both sides are ultimately doomed to agree to something," he said.
On Thursday, U.S. President Barack Obama signed an order to impose sanctions on more segments of Russia's economy in response to Moscow's annexation of Crimea. Russia responded by imposing entry bans on nine U.S. lawmakers and officials.
But Jonathan Waghorn, global energy fund manager at Guinness Asset Management, said Russia would not go as far as limiting its gas supply, because it would threaten its reputation—which was especially important given ongoing talks with China.
(Read more: Europe 'held hostage' by Russian nat gas: Hamm)
"There is far too much too lose, if you think of Russia wanting to be seen as a credible supplier of hydrocarbons," he told CNBC.
Waghorn said negotiations with the Chinese about getting natural gas to the country would be at risk if Russia withheld supply into Europe.
No other option for Europe?
Whereas in Europe, it is demand—rather than reputation—that is the issue. The region is heavily reliant on Russian gas, and alternative suppliers look unfeasible.
Supply of liquid natural gas (LNG) from Qatar, Algeria and Norway—which has been suggested as a potential alternative to Russian gas—could not be tapped because of import infrastructure, Waghorn said.