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The EU foreign ministers meeting today can't approve "phase three" level sanctions - the next level of penalties against Russian businesses – only country leaders can do that. However, they can discuss what form these sanctions might take.
This level of sanctions, which could affect entire industry sectors, could now be introduced as early as September, according to analysts at Citi.
The "last resort for the West", according to Robert Burgess at Deutsche Bank, would be restrictions on energy trading with Russia – which could seriously swing the cost of oil and gas.
As the threat of further sanctions lingers, Alexey Kulichenko, CFO of Russian steel and mining company Severstal, said a diplomatic resolution to the ongoing tensions would be welcomed by business.
"It's not about Putin's next move, it's really about everybody's intention for us to bring (this) situation back to a resolution and stop what is happening there," he told CNBC on Tuesday.
"That should be the intention of all involved stakeholders. Business will welcome the solution of the situation, the sooner the better."