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.
Azerbaijan is angry about France's sale of hardware and weapons to its rival Armenia. It's been quiet so far on Georgia's role in facilitating the transaction.
As Baku rejects French involvement in peace talks, the leaders of Georgia and Azerbaijan seem to agree that the countries of the South Caucasus should "address regional issues themselves."
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.