Stubb said that if Russia's GDP falls by 3 percent, that in turn knocks off 0.3 percent off Finnish output, Yle reported on Friday.

“We have to consider other measures that could compensate for that. We have to hope that the situation doesn’t go that far, but we are also ready to discuss sanctions that could stabilize the situation in Ukraine.” Stubb said.

“We should create special mechanisms to compensate the (economic) loss,” he said.

Russia accounts for 10 percent of Finnish exports, second only to Sweden (11 percent), and accounts for 18 percent of imports. Germany is second with 12 percent. The Finnish GDP has been in decline in recent years, dropping by 0.2 percent in the first quarter and 0.4 percent in the second quarter of 2014, based on the year-on-year statistics.

Finland in turn, is Estonia's third biggest export destination and also third in the import rankings.