So far, the EU sanctions have focused on travel bans and asset freezes on members of president Vladimir Putin’s inner circle. The short term impact was market volatility but not harsh enough to be significant.
With the US going further last week, adding individuals and significant companies to the off-limits list, the pressure has been on the EU to do the same.
But politics is getting in the way.
The rights and wrongs of the situation in eastern Ukraine aside, the economic vulnerabilities of some EU nations and their reliance on Russia for business and jobs has created tensions between member states and delayed the introduction of a package of further significant restrictive measures.
France has contracts to deliver helicopter assault ships to Russia worth $1.3 billion, for instance, and is reluctant to let these lucrative agreements go.
Business groups in Germany have meanwhile warned that 25,000 domestic jobs are...