Julie Pace writes the sanctions could hit Russiaâs energy, arms and financial sectors, as well as other parties supporting Russian President Vladimir Putin.
European governments also plan to restrict sales of arms, technologies and equipment for Russiaâs oil industry as Moscow continues to support separatist movement in eastern Ukraine, The Guardian reports.
The U.S. severed its connections with Russian banks VTB Bank OAO, Bank of Moscow and the Russian Agricultural Bank, according to the report.
The Guardianâs Julian Borger writes the EU also agreed to block the access of Russiaâs state-owned banks to European capital markets and ban Europeans from purchasing financial instruments in Russian banks.
European Council President Herman van Rompuy and European Commission Chief José Manuel Barroso said in a joint statement that the sanctions serve to signal that Europe would not tolerate “Illegal annexation of territory and deliberate destabilization of a neighboring sovereign country,â the report says.
Canada is also joining the U.S. and EU in imposing sanctions on Russia, Al Jazeera reports.