You're reading: CNBC: Europe’s winners and losers from Russia trouble

 Russia's incursion in Ukraine and worsening relations with the West have caught neighboring countries in the cross-fire. Some, like the former Soviet satellite states of Lithuania, Estonia and Latvia, have been hit hard by declining trade with Russia, as well as investor uncertainty-particularly since Russia announced this week that it might need to tap its reserve fund in 2015 for the first time in six years.

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