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Sanctions imposed on Russia by the West and counter-measures introduced by Russia have had some financial impact on the EU economy, but have a limited duration and are expected to expire in 2015, the European Commission said in an economic forecast Tuesday, according to RIA Novosti.

"Tensions with Russia over the conflict in Ukraine have led to the imposition of financial and trade sanctions by the EU, the US and Japan and to countermeasures by Russia. The direct trade impact differs across Member States, but is limited for the EU as a whole. However, the uncertainties generated by the tensions appear to have had an impact on business and consumer confidence, and dampened domestic demand in 2014," the European Commission said in its 2014 Autumn Economic Forecast.

"It is assumed in this forecast that sanctions with limited duration will expire in 2015, and that the impact of the tensions will gradually ease thereafter," the Commission added.

The European Union, alongside the United States, has imposed several rounds of economic sanctions on Russia over its alleged involvement in the Ukrainian crisis, claims Moscow has repeatedly denied. The sanctions target Russia's banking, defense and energy sectors, as well as certain individuals.

In August, Russia introduced a one-year ban on the import of certain food products from countries that had introduced sanctions against it.