With Moscow making a mockery of the sanctions, the European Union must introduce much tougher measures to force Putin to pay attention, but the 28-member bloc will find it difficult to agree.
After imposing a travel ban and asset freeze on 13 Russians and eight Crimeans, Russia's deputy prime minister mocked the EU and the US on Twitter, saying the measures were weak and insignificant.
Reuters reports that some EU foreign ministers also think so and are frustrated. They advocated for harsher sanctions, but EU measures must be adopted unanimously, which means that they will be as strong as the country with the deepest reservations allows.
EU leaders are meeting tomorrow in Brussels, where they will discuss expanding the list of punishments and possibly include oligarchs or people close to Putin. Diplomats told Reuters that up to 100 names were being considered.
However, even if they agree to expand the list, it is unlikely to deter Russia.
The main question is whether the EU can reach an agreement on sanctions that would cover finance and trade, and which would directly affect Russian exports, companies and banks, and thus the EU.
Few countries want to consider it because of the impact on bilateral affairs and possible revenge from Moscow.
From Finland, which shares a 1.300 km border with Russia and a history of wartime enmity, to Cyprus, which has close banking, property and investment ties with Russia, almost every EU member has reason to worry, Reuters points out.
A day after it imposed sanctions on 11 Russians and Ukrainians, the US announced new ones.
White House spokesman Jay Carney indicated that the target could be powerful oligarchs closely linked to Putin.
"I think anyone who understands how the Russian system of government works and who has influence over that system understands what kind of people they are, and the fact that they have significant assets, not only in Russia, but abroad," Carney said.
The White House rejects criticism that it is not doing enough, saying that Barack Obama's predecessor, George W. Bush, was known for using military force but that it did not prevent Putin's 2008 military invasion of Georgia.
Bonus video:
