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.
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.