The European Union is an economic and political union of 28 member states. It has a population of over 500 million; Germany is its largest member.
The founding members of the bloc were Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany, who signed the Treaty of Rome in 1957. The Maastricht Treaty established the European Union under its current name in 1993.
It looks as if Moscow investors will have to come to grips with a new reality with the latest round of sanctions. But sanctions are now already taking a direct toll on German companies like Leipzig based Mechanik Taucha. After our report we ask correspondent Jens Korte how Wall Street sees things.
The United States and Europe have targeted Russia's key financial, arms and energy sectors with a third round of sanctions. This comes in response to what they say is Moscow's military support for separatists in Ukraine. The Kremlin denies the claims and says the sanctions are counterproductive.