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Ukraine crisis: Prime Minister David Cameron hails 'real progress' on Crimea Ukraine crisis: Prime Minister David Cameron hails 'real progress' on Crimea
(about 4 hours later)
Prime Minister David Cameron has hailed "real progress" in the international response to Russia's annexation of Crimea, after European Union leaders talked late into the night to draw up a new blacklist of 12 members of Vladimir Putin's administration. The European Union has added to the pressure on Vladimir Putin over Russia's Crimea takeover, with leaders talking late into last night to agree sanctions against 12 members of the President's inner circle.
The 28 leaders also agreed to task the European Commission with drawing up a set of "wide-ranging" measures targeting Russia's economy which could be put into effect if Moscow escalates the crisis further. The 28 leaders also agreed that the European Commission should draw up a set of "wide-ranging" measures targeting Russia's economy which could be put into effect if Moscow escalates the crisis further.
The EU is today expected to sign elements of a trade deal with Ukraine designed to shore up its beleaguered economy in the wake of its dramatic rift with Moscow. The association agreement was due to be sealed in November, and its surprise rejection by president Viktor Yanukovych set in train the revolt which led to his overthrow. The action comes as the Russian parliament's upper house unanimously endorsed the annexation of Crimea from Ukraine, and a day after US President Barack Obama unleashed stronger sanctions against a long list of Putin's close associates, including his chief of staff and his personal banker. Obama also pledged that Russia’s key oil and energy sectors would be targeted next if it goes any further into Ukraine.
US President Barack Obama stepped up action against Moscow by putting billionaire oligarch businessmen - including Vladimir Putin's banker Yury Kovalchuk - on a blacklist of regime figures who will face sanctions from America. Russia responded with sanctions of its own against American lawmakers, including travel bans against former presidential nominee John McCain and Speaker of the House of Representatives John Boehner.
But opposition leader Alexey Navalny - a former candidate for Moscow mayor - said there should also be sanctions against oligarchs who have made a home in the West, like Chelsea FC owner Roman Abramovich. But Putin today suggested there would be no more retaliation from Russia. During televised remarks at Friday's session of the presidential Security Council, he said: "We must refrain from retaliatory steps for now."
"Real sanctions, such as blocking access to their plush London apartments, will show that Mr Putin's folly comes with serious costs," wrote Mr Navalny in the New York Times. Russian pposition leader Alexey Navalny - a former candidate for Moscow mayor - said there should also be Western sanctions against Russian oligarchs who have made a home in the West, like Chelsea FC owner Roman Abramovich.
After talks in Brussels which continued into the early hours, European Council president Herman van Rompuy announced the decision to extend sanctions against Russian officials and politicians beyond the 21 subjected to travel bans and asset freezes earlier this week, and said that a planned EU-Russia summit in June had been cancelled. He wrote in the New York Times: "Real sanctions, such as blocking access to their plush London apartments, will show that Mr Putin's folly comes with serious costs."
"Russia's annexation of Crimea and of Sevastopol is a clear violation of Ukrainian sovereignty and of international law," said Mr van Rompuy. The EU is today expected to sign elements of a trade deal with Ukraine, similar to the one which former president Victor Yanukovych pulled out of in November, precipitating violent unrest, his deposition and eventually Russia's moves on Crimea.
Herman van Rompuy, European Council president, announced the decision to extend sanctions against Russian officials and politicians beyond the 21 subjected to travel bans and asset freezes earlier this week, and said that a planned EU-Russia summit in June had been cancelled.
He said: "Russia's annexation of Crimea and of Sevastopol is a clear violation of Ukrainian sovereignty and of international law.
"We strongly condemn the unconstitutional referendum in Crimea. We will not recognise the annexation, nor will we recognise it in the future.""We strongly condemn the unconstitutional referendum in Crimea. We will not recognise the annexation, nor will we recognise it in the future."
Mr van Rompuy added: "Any steps by Russia to destabliise Ukraine will have far-reaching consequences. By that we mean consequences on relations in a broad range of economic areas. We ask the Commission and the member states to prepare possible targeted measures." And Mr Cameron said after the talks: "It has been hard work. But we've made some real progress.
Mr Cameron said: "We are sending a clear, strong and consistent message... It has been hard work. But we've made some real progress. Russian soldiers patrol the area surrounding the Ukrainian military unit in Perevalnoye, outside Simferopol "I said we need to expand the list of people who are subject to travel bans and asset freezes and we've done that.
"I said we need to expand the list of people who are subject to travel bans and asset freezes and we've done that.
"I've said we needed some specific measures in respect of what has happened in Crimea, which is unacceptable, and we've agreed that."I've said we needed some specific measures in respect of what has happened in Crimea, which is unacceptable, and we've agreed that.
"And I also said it was important to send a very clear message that if there's further destabilisation in Ukraine then there should be further wide-ranging measures taken and we've actually agreed tonight that we will task the European Commission to draw up those possible measures.
"That is further progress and the world will see that."
The measures relating specifically to Crimea are thought to include a requirement that exports from the Black Sea peninsula to the EU carry a Ukrainian - rather than Russian - customs stamp.
Mr Obama's announcement of travel bans and asset freezes was met with a Cold War-style tit-for-tat retaliation by Moscow, which announced its own blacklist of US politicians, including House Speaker John Boehner and former presidential candidate John McCain.
Mr McCain tweeted a defiant response: "I'm proud to be sanctioned by Putin - I'll never cease my efforts & dedication to freedom & independence of Ukraine, which includes Crimea."
Mr Obama signed a presidential order paving the way for measures targeting key sectors of the Russian economy if the situation in Ukraine worsens.
The blacklist of 20 individuals unveiled by Mr Obama in Washington also included prominent businessman Gennady Timchenko and billionaire brothers Arkady and Boris Rotenberg, who were judo sparring partners of the Russian president, as well as Mr Putin's chief of staff Sergei Ivanov, Duma Speaker Sergei Naryshkin and Russian Railways chairman Vladimir Yakunin.The blacklist of 20 individuals unveiled by Mr Obama in Washington also included prominent businessman Gennady Timchenko and billionaire brothers Arkady and Boris Rotenberg, who were judo sparring partners of the Russian president, as well as Mr Putin's chief of staff Sergei Ivanov, Duma Speaker Sergei Naryshkin and Russian Railways chairman Vladimir Yakunin.
Mr Kovalchuk's Rossiya bank, which counts many senior officials among its clients, was the first institution to face sanctions.
Justifying the move to sanction private businessmen, Mr Obama said he was targeting "individuals with substantial resources and influence who provide material support to the Russian leadership as well as a bank which provides material support to these individuals".
He added: "The world is watching with grave concern as Russia has positioned its military in a way that could lead to further incursions into southern and eastern Ukraine.
"For this reason we have been working closely with our European partners to develop more severe actions that could be taken if Russia continues to escalate the situation.
"As part of that process, I signed a new executive order today that gives us the authority to impose sanctions not just on individuals but on key sectors of the Russian economy.
"This is not our preferred outcome. These sanctions will not only have a significant effect on the world economy, but can also be disruptive to the global economy.
"However, Russia must know that further escalation will only isolate it further from the international community."
Mr Obama is due to meet other G7 states - the UK, France, Germany, Italy, Canada and Japan - to discuss Ukraine on the margins of a nuclear security summit in the Netherlands next week, when proposals to eject Russia from the wider G8 group of world powers will be discussed.Mr Obama is due to meet other G7 states - the UK, France, Germany, Italy, Canada and Japan - to discuss Ukraine on the margins of a nuclear security summit in the Netherlands next week, when proposals to eject Russia from the wider G8 group of world powers will be discussed.
PA The ratings agency Standard & Poor’s downgraded Russia’s credit rating outlook from stable to negative, saying the economy is threatened by the sanctions.
S&P affirmed Russia’s ranking at BBB, the second-lowest investment grade, on par with Brazil, South Africa and Italy. The rating company said “heightened geopolitical risk” could accelerate capital flight and weaken the economy further.