European airlines and staples have greatest sensitivity to escalation in Ukraine-Russia crisis, Deutsche says

According to analysts at Deutsche Bank, the scant exposure of sales and profits is a reflection of the fact that the European Union's exports to the Russian Federation account for just 0.6% of the former's gross domestic product.

Indeed, exports to Russia had nearly halved since its annexation of Crimea in 2014.

Nonetheless, should the conflict escalate, then rising energy costs could become a factor with the degree of importance varying "strongly" depending on the sector.

"In the risk scenario, we assume an increase in gas prices by 50% and an increase in oil and power prices by 20%.

"We identify Airlines and surprisingly Staples as the most vulnerable sectors and expect the Energy sector to outperform."