The European Council President, Herman Van Rompuy, has reportedly agreed to impose new sanctions against Russia over its alleged military role in Ukraine’s crisis.
A new package of punitive measure was drawn up last week during an EU summit in Brussels.
They include denying oil firms and public banks access to European markets.
It is understood that Germany called for the sanctions implemented immediately, but several other member states wanted to hold off because a ceasefire is holding.
Since reports of the sanctions emerged, the Russian rouble has fallen to a record low against the dollar.