russia accounts for 3% of the worlds economy.
they can try to hurt eu nations by witholding energy or they can ban airlines from flying over their territory.
that's about it...
Russia will dig in with less trade money . The question is can Europe do without Russian trade money.
Russia is toothless tiger
Reaction means more sanctions, like ban on food imports from Europe that Russia imposed after previous round of EU sanctions.
Next step for Russia would probably be ban on cars or electronics from Europe. You will not be affected unless you own lots of stocks in these industries.
Putin will not use nuclear weapons, he knows he would end up like Saddam Hussein or Osama bin Laden.
There is not much they can do other than ban imports as they have done with some food products. If there are further problems for Russia created by the U.S., they have to think of something. I dont know why there are any sanctions at all.