Europe’s resolve to impose tough sanctions on Moscow is cracking under a barrage of corporate lobbying, as companies warn their national governments that retaliation from the Kremlin could cost them dearly.

Diplomats fear today’s talks in Geneva between the US, Russia, Ukraine and the EU will prove fruitless in tackling the crisis over the occupation of local government buildings in eastern Ukraine by pro-Russian militants. If the talks fail, EU leaders are expected to meet next week to discuss broad sanctions against Moscow.

But even before such a meeting, EU fissures are evident. “Are the member states united on this? No. Are they willing to die for Ukraine? I don’t think so,” said a senior European official, noting that sanctions would demand a consensus from the 28-member bloc.