In addition to the risk of the Ukraine War spreading to Georgian territory, the planned Russian naval base in Abkhazia could threaten Georgia's status as a global east-west connectivity hub.
Whether the Armenian diamond-cutting industry is hurt or helped by the likely sanctions will depend on the EU's ability to trace the gems' origin to Russia.
Georgia's top financial authority went into damage-control mode after its decision to end automatic compliance with international financial sanctions caused a furore.
Expansion of the Southern Gas Corridor pipelines carrying Azerbaijani gas to Europe is on hold pending confirmation that Europe will buy the gas. Baku's offensive to retake Nagorno-Karabakh could further complicate things.