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Source: http://news.yahoo.com/latvia-coalition-holds-power-pro-putin-force-tops-073931046.html

Concern is also running high over the impact that tit-for-tat sanctions between Moscow and Brussels over the Ukraine crisis could have on this tiny Baltic state, which is heavily reliant on trade with Russia.

Is that an expression? I tried to find the meaning of that phrase by doing a Google search but I really came up with nothing.

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The expression used here is

to have (an) impact on someone/something

but it has been split up in your example. See also http://www.merriam-webster.com/dictionary/impact?show=0&t=1412527328, under "intransitive verb".

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