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Source: http://news.yahoo.com/crimea-euphoria-fades-russians-104555489--business.html

After weeks of saying visa bans and asset freezes imposed by the European Union and United States against a number of firms and officials close to Putin could not harm the economy, Russian leaders are increasingly testy over the damage wrought if not by the current sanctions, then by the threat of more.

Is that a common phrase? What does that exactly mean?

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    Wrought is an old past tense form of the verb to work. Most native speakers don't know that, even though they understand what it means in "set expressions" such as wrought iron. So in this context wrought = worked = fashioned = created = brought into existence = caused, as in "Work your magic on him" (use your "magical" interpersonal skills to achieve some desirable outcome).
    – FumbleFingers
    Commented Jul 6, 2014 at 15:31

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Wrought means something like created, made, or caused.

The "damage wrought by the sanctions" means "the damage created/caused by sanctions". It's just a more impressive way of saying it.

It is an old word that is not used much anymore. You wouldn't use it in everyday speech, but it is still used sometimes especially with negative words such as damage, destruction, or devastation when the writer wants to sound more impressive.

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