The European Union will lift the sanctions it has imposed on Russia over the situation in Ukraine in one to three months, a report said.
"We believe an escalating trade war would be unbearable for both Russia and the EU and that the EU will revoke the sanctions within one to three months," the Danske Bank said in a report released Tuesday, RT reported.
"The Ukrainian crisis will only have a modest direct impact on the European economy. Of the Nordic countries, Finland was named the most vulnerable due to its trade, tourism and foreign direct investments links with Russia. However, Norway’s economy might even strengthen due to the potential EU gas substitution from Russia toward the country," the bank added.
The report suggests that it is highly unlikely that the European sanctions will be able to influence the current political situation in Russia, as support for President Vladimir Putin inside the country is currently very strong.
Danske Bank is the part of the Danske Bank Group, the largest bank in Europe and one of the leading financial organizations in Europe. Danske Bank Group is headquartered in Copenhagen.