Everyone in Europe wants to topple Putin and punish Russia but the costs are incredibly high for companies involved in trade.
New York Times Brussels bureau chief Matina Stevis-Gridneff is outlining some of the reluctance in Europe to sanction Russia harshly but also highlighting some of the divisions.
Earlier, she reported that Italy didn't want to sanction luxury goods and Belgium didn't want to sanction diamonds but she said that's now 'evaporated'.
The big ones are banks and you can already see what's at stake. Deutsche Bank is down 10% today due to its ties to Russian money.
Still, there are hints that energy won't be on the list and that broad banking sanctions might not be coming.
I suspect this is the time of highest emotions and anger. If oil and gas aren't sanctioned now, it's probably not going to happen. OPEC is also said to be meeting now and that could potentially mean they're considering opening the taps.
