A series of meetings between the G-7 nations: Canada; France; Germany; Italy; Japan; the United Kingdom and the United States this week in Europe and Ukraine is expected to further raise tensions.
Germany, one of Russia's closest European trading partners, with more than 6,000 businesses engaged in Russia, has adopted a harder line than some expected on sanctions. The government last week indefinitely suspended a planned 100 million euro ($140-million) contract for German defense group Rheinmetall to build a training camp for Russian forces.
Russia's Deputy Defence Minister Anatoly Antonov called the decision "unconstructive" and "canceling out the positive trends developed in recent years," according to Interfax, the Russian news service.
The BGA exporters' body, Germany's main trade body warned that further economic sanctions would be a "real catastrophe" on Friday.
(Read more: Ukraine's battered economy)
The impact on Russia and Ukraine's economies will not be clear for weeks, until the economic data from when the escalation in tensions began is released. However, economists have rushed to downgrade their 2014 growth forecasts for both economies.
Within Russia, there are major concerns about the impact on confidence for consumers and businesses, and about money being taken out of the country and invested elsewhere. Investors with more stomach for risk should look at Novatek, Megafon and CTC Media, according to Weafer. All have seen their share prices hit by concerns about sanctions against major investors, but are fundamentally good businesses, he argued.
Around $45-50 billion was taken out of the country in 2014 up until the middle of March, according to Goldman Sachs, the bank charged with restoring Russia's image internationally, compared to $63 billion in the whole of 2013.
In the West, the tens of thousands of companies with Russian links may just have to grin and bear it.
Nils Andersen, chief executive of Danish shipping company Maersk, told CNBC: "If it comes to sanctions everybody involved in international commerce where Russia and areas around Russia and even Europe is involved will be affected to a large or smaller extent. We just hope that the sanction will be reasonable if any and we will have to find solutions."
Meanwhile, the Kremlin has retaliated with sanctions against the West.
The Russian Foreign Ministry announced on Monday that 13 Canadians were banned from entering Russia, including the head of the Ukrainian Canadian Congress, Paul Grod, as well as politicians and aides to Prime Minister Stephen Harper. This followed a similar ban last Thursday on nine U.S. lawmakers, including House Speaker John Boehner, Senate Majority Leader Harry Reid, Senate Foreign Relations Committee Chairman Robert Menendez, and Senator John McCain.