"I believe that the sanctions will become senseless and counter-productive. Slovakia may use its right of veto," Slovak Prime Minister Robert Fico said Sunday.
Economic data released Monday revealed by Fico is concerned about the residual impacts of sanctions on Europe. The manufacturing purchasing managers index (PMI), an indicator of the health of an economy's manufacturing sector, dropped to a 13-year low of 50.7 in August, down from 53.8 in July. In short, economic output is dropping fast.
More from The Fiscal Times:
The Israeli solution for Kurdistan
Obama makes the Middle East our new 'quagmire'
If Kurds fall, chaos in Iraq and abroad to follow
"Although some growth is better than no growth at all, the braking effect of rising economic and geopolitical uncertainties on manufacturers is becoming more visible," said Rob Dobson, senior economist at Markit.
Even Germany, whose economy powered the eurozone's tepid recovery, is slipping. According to Eurostat, the German economy contracted from April to June. France and Italy, the continent's second and third largest economies respectively, also are in trouble.
"France remains a real concern, as does Italy's descent from solid expansion to stagnation. Signs that growth impetus waned in the key industrial engine of Germany, and in Spain and the Netherlands too, is also less than reassuring," Dobson said.
Read MoreEuropean bank officials weigh QE 'shock and awe'