European markets closed higher on Friday, capping off a busy week which saw investors absorb positive U.S. data and cast aside concerns about the Federal Reserve's monetary policy and heightened tensions between Russia and the West.
The FTSEurofirst 300 Index provisionally closed 0.3 percent higher at 1,309.56 points. This marked its biggest weekly gain in a month, as investors shrugged off concerns about possible military conflict in Crimea that have dominated markets over the past few weeks.
Shares on the continent also overcame a mid-week slide after the latest announcements from the U.S. Federal Reserve.
The Russian stock market closed lower by 1 percent on Friday, a day after U.S. President Barack Obama signed an order to impose sanctions on more segments of Russia's economy in response to Moscow's annexation of Crimea.
The European Union, meanwhile, also expanded its list of people targeted with sanctions and asked the European Commission to prepare an assessment of the potential impact of broad economic sanctions against Russia.
In retaliation, Russia imposed entry bans on nine U.S. lawmakers and officials.
(Read more: Sanctions and S&P may spoil Russia's Crimean party )
On Friday, Russian President Vladimir Putin signed legislation to complete the process of absorbing Crimea into the Russian federation, following a Crimean referendum on the issue.