UPDATE 3-Russian sanctions ripple through corporate boardrooms

* German companies say orders falling, business uncertain

* Danish authorities brief 130 Danish companies on Russiansituation

* Visa and MasterCard halt services to clients of 2 Russianbanks

* Banks very cautious after getting into sanctions troublein the past (Adds Bombardier's doubts over deal with Russia's Rostec)

By Eric Matzen and Michelle Martin

COPENHAGEN/FRANKFURT, March 21 (Reuters) - A deepeningeconomic standoff between Russia and the West over the future ofUkraine has rippled through trading floors and boardrooms, withexporters scrambling to protect revenues and some globalfinancial firms halting services.

U.S. President Barack Obama's threat to target majorsections of the Russian economy should President Vladimir Putinfollow up his annexation of Crimea with further incursions inUkraine has caused alarm in Europe.

Denmark's foreign ministry held a special briefing for about130 companies, including drugs firm Novo Nordisk andbrewer Carlsberg on Friday after being inundated withinquiries about the business implications of the crisis.

In an email to Reuters, Carlsberg's chief executive said hewas monitoring the situation closely and would act if sanctionshad a direct impact on his drinks group's business. The companyproduces and sells local beers in both Ukraine and Russia.

"Until now it has been business as usual. We produce, selland distribute our products to the market without problems,"said CEO Jorgen Buhl Rasmussen. "Our focus is on our employeesand our breweries."

Lemken, a German manufacturer of ploughs and other farmmachinery, has seen a big drop-off in orders from Russia, itssecond-biggest export market after France, in recent weeks as asliding rouble raises their sale price.

With Moscow vowing to retaliate against the West'ssanctions, Anthony van der Ley, managing director of thefamily-run business, is taking no chances. He is sendingmachinery to Russia now in case the border closes or importcharges are hiked.

Profine, a plastic windowframe manufacturer with annualrevenues of 700 million euros ($965 million), has so far managedto compensate for the rouble slide by increasing sales but won'tbe able to do that forever.

"If there are further sanctions, that would be poison forthe economic development of our partners," said Peter Mrosik,the German firm's managing partner.

In Canada, Bombardier Inc said the airplane maker'splanned joint-venture with Rostec, the Russian state-ownedindustrial and defense conglomerate, was likely to be delayedbecause of sanctions being considered by Canada and otherWestern countries. A related deal for Bombardier to sell 100short-haul Q400 NextGen aircraft was also likely to be held up.

Obama unveiled sanctions against members of Putin's innercircle on Thursday as well as against Bank Rossiya, partly ownedby a Putin ally.

In response, Visa and MasterCard, both based inthe United States, stopped providing services for clients atRossiya and another bank SMP, whose co-owners, two brothers, arealso on Obama's list.

Western Union Co, the world's largest money transfercompany, said it had suspended services through Bank Rossiyabranches but was continuing services at more than 20,000locations and self-service terminals in Russia.

SMP described the move by Visa and MasterCard as unlawful. However, financial services firms are wary ofdoing business with any person or group that can be linked backto the targets. Banks have paid dearly in the past for violatingU.S. sanctions on countries such as Iran.

COSMETIC SO FAR

What bankers and business people fear is an escalation ofmeasures that would choke off international payments and trade,halt investments and stymie deals. Germany's main trade bodywarned on Friday that full-blown economic sanctions would be a"real catastrophe".

In a worst-case scenario, Washington would stop banks doingbusiness with Russian counterparts and corporates, similar tothe sort of sanctions that were imposed on Iran.

Germany's "wise men" council of economic advisers said thisweek that the Ukraine crisis was the biggest threat to growthglobally, and especially in Germany, because of Russia'simportance as an energy exporter.

"What has been announced so far is really nothing. It'spurely cosmetic," said a French banker based in Moscow.

"The biggest risk is tougher sanctions and really thepotential impossibility of transfers in U.S. dollars," said thebanker, who declined to be named because of official sensitivityaround the restrictions.

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Bank exposure to Russia http://link.reuters.com/xej67v

Russia's main trade partners http://link.reuters.com/jup77v

Russia's EU trade ties http://link.reuters.com/rup77v

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State-owned Russian banks and companies are expected torepatriate funds from overseas after Putin told them this weekto bring their assets home. But foreign bankers in Russia saidthings would have to deteriorate further before they wouldreconsider their investments there.

"It would have to be a lot worse than this. We are waitingfor the response from the Russian side," said a Western bankerin Moscow. "I haven't heard of any Western companies pulling outof Russia," the banker added.

WAIT AND SEE

Even before the Crimean crisis blew up last month,international banks such as HSBC, Credit Suisse and Barclays had pulled out of dozens ofmarkets because the risk of falling foul of financial crimerules and sanctions outweighed the returns.

The cost to banks of cleaning up an array of misdeeds thathave come to light since the global financial crisis, includingsanctions busting, has soared to over $100 billion.

Since the U.S. and European sanctions so far focused onwealthy individuals close to Putin, private banks which cater topowerful Russians are under the spotlight.

Switzerland, the global hub for private banking and abolt-hole for wealthy Russians, has yet to impose anyrestrictions but its banks, such as UBS and CreditSuisse, still have to be aware of sanctions when they deal withclients.

Vasili Brokvo, the head of communications for Russia's statedefence conglomerate Rostec, made the corporate case for peace.

"We hope and our international partners also hope thatpolitical differences over certain issues won't annul or destroyeverything we've built and all previous agreements with foreignpartners will be successfully implemented," he said on abusiness trip to Chile this week.($1 = 0.7255 Euros) (Additional reporting by Shida Chayesteh in Copenhagen, LionelLaurent in Paris, Megan Davies in Moscow, Katharina Bart inZurich, Ben Hirschler in London, Alexandra Ulmer in Santiago andDavid Henry in New York. Writing by Carmel Crimmins; editing byDavid Stamp, Paul Taylor and Ross Colvin)