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Executive Summary<br />
This report assesses the relationship between Europe and Russia as the sum of great<br />
power reactions to the Ukrainian crisis and Russia’s annexation of Crimea. Despite<br />
agreement on a no business-as-usual principle, important national nuances have arisen<br />
stemming from different historical bonds to eastern Europe and Russia (Germany, Poland,<br />
United States) or different interests in the region (France, United Kingdom).<br />
The report calls for a recalibration of the Europe-Russia relations along three dimensions<br />
based on the great power pattern: imposing moderate sanctions and thus letting markets<br />
punish Russia, given its vulnerability to international investors; placing the EU at the<br />
forefront of implementing the Association Agreement already in place to assist Ukraine<br />
in painful but needed reforms; and getting NATO to reinforce its eastern posture to<br />
incentivize de-escalation.<br />
The Ukrainian crisis must be recognized and managed as a predominantly politicaleconomic<br />
rivalry involving relatively strong Russian interests in this common<br />
neighborhood with the EU.<br />
Managing Euro-Russian Relations Beyond 2014 5
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