Finland is already preparing for a possible disruption of natural gas supplies from Russia.
Russia's announcement of the recognition of Ukraine's separatist territories as independent states has already led the EU to impose new sanctions on Russia. Members of the Russian State Duma were on the sanctions list.
However, the EU has not yet introduced sanctions that could affect energy exports – the backbone of the Russian economy – which could be used if Russia sets out to attack Ukraine further from the separatist regions of eastern Ukraine or elsewhere.
EU commission president Ursula von der Leyen told CNBC on Saturday that further EU sanctions could include Russia's energy sector; oil and gas exports: "All options are on the table," she said.
Finland preparing for interruption
The switch to other fuel sources for heat and power plants that are partially reliant on Russian natural gas is unlikely to cause major problems in Finland.
But, for some industrial facilities, the switch may prove more challenging. The availability of alternative fuels has been explored, for example, at Ovako's Imatra steel plant, whose furnaces are partly heated by Russian natural gas.
"We are closely monitoring the situation in Ukraine and exploring various options for replacing Russian gas. Our main priority is figuring out an alternative to Russian gas supplies throughout the country, such as using the Balticconnector gas pipeline," said Ansa Räätäri, Ovako's Communications and Human Resources Manager.
New import pipeline comes in handy
Natural gas enters Finland mainly through two pipelines. Russia has a direct gas pipeline to Imatra, from where gas is pumped into the Finnish gas network.
The other route is the Balticconnector, which is a gas pipeline running along the bottom of the Gulf of Finland from Estonia. It was completed two years ago, providing Finland with an alternative source for gas. It connects the Finnish gas network to the Baltic network and then to broader markets.
Today, approximately the same amount of gas comes to Finland through both pipelines.
"Enough gas for Finland"
Olli Sipilä, CEO of Gasgrid Finland, which manages Finland's gas pipeline network, said that there will be enough gas for the Finnish market, even if supplies from Russia are cut off.
"The Balticconnector offers access to the Latvian gas supply and the Klaipeda LNG terminal in Lithuania, through Estonia," Sipilä pointed out.
LNG, liquefied natural gas, is shipped by large tankers around the world. The EU already increased its LNG supplies during the winter, when Russia restricted natural gas supplies to Europe.
According to Sipilä, the Balticconnector's capacity is sufficient to meet Finland's gas needs, even if the Russian pipeline is shut down.
"Demand for Finnish gas is currently approximately at the level of Balticconnector's capacity. LNG enables gas imports from all over the world and according to market data, it has also been readily available," Sipilä said.
Russia could restrict exports
Russia has in the past pursued its goals by regulating gas exports from Gazprom, the Russian majority state-owned energy corporation. According to Mikhail Krutihin, an energy market expert at the Russian company Rusenergy, similar actions could also be in the cards this time.
"It is a matter of political extortion. I do not think Russia will give up using Gazprom for this purpose. Experience shows us that Russia will continue this activity," said Krutihin from Moscow.
What makes the situation different now is that the EU has also threatened Russia with energy sanctions. Germany has already announced that it will freeze the certification of the Nordstream 2 gas pipeline from Russia to Germany along the Baltic Sea floor.
Krutihin, however, doubts that the EU will ultimately be able to suspend imports of natural gas from Russia.
"I do not think it is possible because there is no common position in the EU and certain EU member states, such as Bulgaria, Slovakia and Hungary, are highly dependent on Russian gas," he said.