The crisis in Russia and Ukraine is having a negative impact on business in the eurozone and beyond, writes the Financial Times as European Union-imposed sanctions targeting Russia’s energy, financial and defines sectors come into effect.

Adidas, Volkswagen and Metro have reported drops in shares and sales directly linked to declining activities in Russia, while Siemens has warned the crisis posed “serious risks” for growth in Europe for 2014 and 2015. Lenders, industrial groups and oil companies across eastern and western Europe also reported negative consequences on growth forecasts, trade and revenue.

Some companies were assessing the new sanctions before saying anything definitive. The daily cites the CEO of Royal Dutch Shell, who said it was

a bit early to say how it will play out, what the consequences might be and how we will react.