Europe’s new sanctions against Russia over its role in the Ukraine crisis have come into force along with new punitive measures by the United States.<br /><br />The sanctions target five major state banks and curb EU business deals with oil and defence firms.<br /><br />US sanctions will also affect a major technology and defence firm, as well as technology for Russia’s energy industry.<br /><br />It comes a week after a ceasefire deal which although fragile, appears to be holding. <br /><br />Martin Schulz, President of the European Parliament welcomed the move.<br /><br />“This is a mixed decision we keep the door open but we say clearly, if the chance is not used then the next stage of sanctions will be implemented.”<br /><br />Russia says the new sanctions are aimed at disrupting the peace process but for now it has ruled out any immediate action.<br /><br />“Russia will react to the EU sanctions in a calm and appropriate fashion, primarily, in view of the need to protect its own interests,” said Foreign Minister Sergei Lavrov. <br /><br />Russia’s own sanctions are beginning to bite but Romania’s prime minister told euronews the EU must be strong and prove its point.<br /><br />“I think that we should prove our commitment and we should assume the responsibility of showing that nobody can change the international law, nobody can abuse other European countries. So it’s a price which is worth paying by the European community.”<br /><br />Dozens of senior Russian officials and separatist leaders are now also subject to Western asset freezes and travel bans.
