Indeed. I think it hurts like Finland or something the most. Dunno about the rest of the EU, but the Baltics didnt really lose a lot. Our buisnessmen who invested in Russia, all went backruped in the early 2000s, due to Russia always sanctioning our companies, whenever our politicans did something, that could even remotely be considered as provocation. So we kinda stopped looking in the East for profit long ago.
Russia however, has shitton of corporations in the West. Soo.....technically, we have a relatively poor country that didnt really have a lot of foreign investors to begin with, who is trying to countersanction one of the wealthiest parts of the World, who has a lot of this countries investments. You dont really dont need an economics masters degree here to figure out who is going to be suffering more.