This hard economic reality explains why Monday’s emergency EU summit will struggle to produce much more than a slap on the wrist for Russia, despite Europe’s exasperation over Moscow’s invasion of Georgia and backing for its two separatist regions to break away.

The EU gets roughly a third of its oil and about 40 percent of its natural gas imports from Russia. Germany, the EU’s biggest economy, relies on Russia for 34 percent of its oil imports and 36 percent of its natural gas consumption. Slovakia, Finland and Bulgaria depend on Russia for over 90 percent of the gas that heats homes, cooks meals and powers factories.

Recent headlines in France and Germany asked if readers are prepared to see troops to “die for Tbilisi.” But, with Europe already facing an economic downturn, the EU’s politicians fear voters aren’t even prepared to face higher fuel bills as the price of hardline support for Georgia.

French Foreign Minister Bernard Kouchner on Thursday reversed a previous assertion that the EU would avoid punitive action against Russia. He said some sort of sanctions were being considered following Moscow’s recognition on Tuesday of the independence of Georgia’s breakaway regions of Abkhazia and South Ossetia.

Russia’s ambassador to the EU said sanctions would be a “grave mistake,” but he shrugged off the threat. “I have a doubt that might ever happen,” Vladimir Chizhov told reporters. “This would be to the detriment of the European Union as much as the Russian Federation.”

Even without the economic restraints, French and German officials say the EU has to moderate its response if it wants to act as a mediator who can persuade the Russians to pull back troops, accept international peacekeepers or negotiate a longer term solution.

Not all EU nations agree.

Poland and other eastern EU members are among the most dependent on Russian energy imports, but with fresh memories of Soviet domination, their leaders have urged a tough European stance. They are joined by Britain whose own oil and gas reserves make it less reliant on Russia.

“Over time it will feel the economic and political losses,” British Foreign Secretary David Miliband said of Russia.

“If she truly wants respect and influence, and the benefits which flow from it, then Russia needs to change course,” he said Wednesday.

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