Moscow has been hit with fresh sanctions imposed by the European Union.
It has targeted 15 Russians and Ukrainians with asset freezes and travel bans but steered clear of any sanctions on business leaders.
The list includes a deputy prime minister Dmitry Kozak as well as separatist leaders in Ukraine bringing the total now facing EU bans to 48.
The chief of staff of Russia’s armed forces Valery Gerasimov has been named. Moscow’s foreign ministry reacted by saying the EU is under Washington’s thumb.
The bloc’s decision comes on the back of the White House’s announcement of further sanctions including against 17 companies. The US action is seen to be more aggressive than the EU’s but analysts believe it does do not go far enough.
“I think the fundamental problem with the Obama administration’s approach is that it is combining sanctions that don’t really have a particular bite with rhetoric that makes it very difficult for Russia to be accommodating,” said Paul Saunders, Executive Director Centre for the National Interest.
In early trading the Moscow exchange reacted positively up over one percent a move one analyst described as a show of relief as more serious sanctions had been feared.
In further reaction Russia has said the EU should be ashamed and that sanctions will not help stabilise Ukraine.