The European Commission on Friday (16 January) threatened to take unspecified sanctions against Russia and Ukraine unless gas flows to the EU resume after the weekend
Interesting considering the European commission itself can do nothing about this and have to convince all the nations in Europe to their strategy, but I think that should not be too difficult..

WikiAnswers - What are Russia's trading partners

Russian trade
European Union 58.7%
European Union 44.6%

EU trade
Russia 5.2%
Russia 8.2%

I think we are playing a straight flush against a high card ace in a potential European Russian trade war.