Stage set for fresh US/EU sanctions on Russia over Ukraine

The stage is set for fresh US and European sanctions to be imposed against Russia after another weekend of disagreement over Ukraine.

Further measures designed to hit the Kremlin hard could be unveiled later today, after President Obama interrupted a tour of Asia to call several European leaders including Prime Minister David Cameron.

Our US correspondent Simon Marks reports that the White House wants to forge a united front with European leaders, despite the concerns of western businesses that have invested in Russia.

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It's been a difficult few days for Barack Obama.

His 4-nation tour of Asia was supposed to be all about assuring regional leaders that the US is serious about making a foreign policy "pivot" to the region….turning away from the more traditional theaters of engagement like the Middle East and Europe.

And yet, the President keeps having to interrupt his travels to Asia to focus on the crisis over Ukraine….calling European leaders by phone, urging them to remain united in the face of Russian aggression….and then talking about the new sanctions that are about to be unveiled during an appearance alongside Malaysia's Prime Minister.

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It is, insists the White House, a strategy that is already working.

While Vladimir Putin himself has voiced no public concerns about the first two rounds of sanctions….last week, Prime Minister Dmitry Medvedev acknowledged the Russian economy is now $63 billion lighter….that's how much capital fled the country.

And the Russian currency, the ruble, is 9 per cent off its value on January 1st.

Deputy National Security Adviser Tony Blinken told CNN whether Vladimir Putin admits it or not, the sanctions are hurting.

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But the pain of additional measures will NOT only be one way, and the White House is worried that European investors are putting pressure on European governments to adopt a limited approach to punishing Russia.

Foreign Secretary William Hague (BRITISH FOREIGN SECRETARY WILLIAM HAGUE) admitted as much on Sunday, sending a message to UK investors that there's no alternative but to make some sacrifice in order to support Ukraine, and international principles.

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That's music to Washington's ears….but the White House knows there are limits to the amount of pain western Europe is prepared to suffer over Ukraine.

The hope here is that another round of sanctions will do so much damage to the Russian economy, that domestic pressure will rise on Vladimir Putin to back down.

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