Russia is Europe's second largest market for food and drink and has been an important consumer of Polish pig meat and Dutch fruit and vegetables. Exports of food and raw materials to Russia were worth €12.2bn (£9.7bn) in 2013, following several years of double-digit growth.
The UK is less likely to lose out; in 2013 its biggest food and drink export was £17m of frozen fish, followed by £5.7m of cheese and £5.3m of coffee.
Russia banned EU pork at the start of the year as the Ukraine crisis escalated, cutting off 25% of all European pig meat exports in a move that the European Commission said exposed European farmers to significant losses.
Russia's state-owned banks have been cut off from Europe's capital markets, while Russian defence and energy firms will no longer be able to import hi-tech western equipment that could have been used for military purposes, fracking or Arctic oil exploration.
Russia has remained defiant in the face of the sanctions, which its foreign ministry has called destructive and short-sighted.
One of the UK’s most influential businessmen has hit out at European Union and US sanctions against Russia, claiming that they are ill-conceived and may result in the loss of British jobs.
Lord Bamford, chairman of JCB, said it was “absurd” that his company, a major exporter to Russia and the market leader for construction equipment there, would be hurt by sanctions “coming out of Brussels”. He added that the decisions being made by EU diplomats could put “British jobs at risk”.