It has been embarrassing to watch the United States attempting to bully Russia over its annexation of Crimea, a tiny nation that is now part of Russia, and will remain so.It is embarrassing because it is so obvious to everyone watching that the US's military threats were empty, and so were the threats of economic sanctions on Russia. Vladimir Putin shrugged them off, and I think most of the world kind of smiled into their palms to see it.
Russia isn't "dependent on the EU for a market for its oil." The dependency relationship is quite clear.
And while the US is desperately telling the EU, "We'll take care of you! You NEED us!", the EU knows very well upon which side its bread is buttered. That is why Germany's Prime Minister talks privately with Vladimir Putin in both German and Russian (she speaks Russian fluently) about the American meltdown.