The United States has announced a fresh phase of sanctions against Russia in response to Moscow’s actions in Ukraine.

Seven Russian government officials, including Igor Sechin chair of oil giant Rosneft , will be subject to an asset freeze and visa ban along with 17 key Russian companies.

At the G5 meeting of finance ministers in Paris British Chancellor George Osborne said
sanctions are necessary despite the pain they cause the global economy: “Of course sanctions and financial measures to deny access to money have an impact on the economies of the countries at this table, of course they do. But what would be the economic price of not seeking to uphold the rule of law in Europe?” He said.

The EU is meeting in Brussels to finalise further sanctions against Russia and will make an announcement of on Tuesday.