(VOVworld) – The European Union agreed to a new package of economic sanctions against Russia at an emergency meeting on Monday.

The EU has tightened its sanctions on Russia despite Russia's threat of retaliation. (Photo: EPA)

EC President Herman Van Rompuy said that although the new sanctions will not take effect immediately, the EU is ready to revise part or all of the sanctions if the cease-fire in eastern Ukraine is extended or the parties involved reach a peace agreement.
The EU sanctions, which were proposed last Friday, increase the July measures, targeting more individuals with travel bans and asset freezes and restricting access to capital markets for Russian oil and defence companies. Russia said it will retaliate if the EU imposes new sanctions.