It seems to be the case that Europe and the US are actually in dire straits as a result of the Ukrainian crisis, brought on by pandering to their extreme right-wing circles and without taking into consideration possible consequences.

Apart from the differing stands of the EU and the US, the limited economic sanctions imposed on Russia through US pressure have backfired and harmed European farmers and producers after Russia decided on a tit-for-tat response with a boycott of European food and agricultural products.

Russia, instead, turned to Brazil, Argentina and Egypt for its food commodity needs as a result. This move will deprive the EU an estimated $54 billion (Dh198 billion) this year and $67 billion in the next.

Meanwhile, the sanctions on Russia are casting a shadow not only on the Russian stock market but on European bourses as well. The German sportswear brand adidas’ share, for instance, had a steep drop due to concerns regarding the sanctions on Russia, which, incidentally, is scheduled to host the 2018 World Cup. German industry has warned that its businesses will continue to be affected should sanctions persist.

In contrast, Russia will see its GDP growth estimates being revised down, which means the pain shall be distributed to all, despite the fact that the European and US sanctions cover minor sectors and government officials.

However, the Russian retaliation was violent and painful; last week, the authorities in Russia announced the closing down of several McDonald’s branches. At a broader level, the negative impact is expected to include the global economy, as indicated by the International Monitory Fund’s warning that Western sanctions may well shrink global growth from 3.7 per cent to 3.4.

Trade relations between the EU and Russia had developed significantly and their interests had in fact overlapped in an unprecedented manner over the past two decades. Total trade volumes amounted to $451 billion in 2013, with a surplus benefiting Russia to the tune of $87 billion.

Ukraine itself has suffered terribly; it has lost Russian backing, particularly in the field of energy and obtaining gas at preferential prices. At the same time, Western support is not sufficient enough to compensate for the roll back of Russian subsidies.

This embroilment was caused by extreme stands taken by interested parties and Western attempts to differentiate between kinsmen who have lived for hundreds of years together as though they were one people and belong to the same Slavic race.

There should have been an attempt to reassure Russia and preserve the rights of the Ukrainian people and their independence.

During the Cold War it was often said in the West: “Do not anger the Russian bear.” Today, it is more appropriate to say, “Do not anger Putin,” as he seems ready to fight until the end and cannot be dealt with in the way the White House is currently handling the crisis, especially since President Barack Obama has misplaced his compass and is lost amid the world’s problems and has a different opinion every day. What he does is end up contradicting himself all the time.

To reduce the impact of this problem on the wobbling global economy, Russia and the EU have to reconsider their positions away from Washington’s influence, which has lost its sense of balance. They have to reach a compromise to avoid a new global crisis, and thus increase the risk of lower economic growth.

This will restore matters to normalcy between the EU, Russia and the Ukraine, bring back stability to that beautiful country of Ukraine which has human and material capabilities that will surely assist it into turning to an economically advanced economy.