The European Union has agreed sanctions against several people and entities in Russia.
It follows the Kremlin's decision to recognise two parts of Ukraine as independent states.
The restrictive measures apply to people for "actively supporting actions and implementing policies that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine".
This includes 351 members of Russia's Parliament - or Duma - who voted for the recognition of the breakaway regions of Donetsk and Luhansk.
They will also target economic relations between the two breakaway regions and the EU.
While the ability of the Russian state to access the EU's capital and financial markets will also be limited.
The bloc is also targeting 27 individuals and entities who are "undermining Ukraine's territorial integrity, sovereignty and independence."
This will cover political, military, business and media sectors. Those people will see their assets frozen.
This will also see a prohibition on making funds available to them, and a travel ban preventing them from entering or transiting through the EU.
President of the European Commission, Ursula von der Leyen, says this current crisis has been "manufactured" by Russia.
She says the bloc will "quickly finalise" the sanctions and coordinate with its partners.
I welcome the EU countries' agreement on new sanctions against Russia.
Russia has manufactured this crisis and is responsible for the current escalation.
We will now quickly finalise the sanctions package, in coordination with our partners. https://t.co/k7E8pSZbfH
— Ursula von der Leyen (@vonderleyen) February 22, 2022
She says: "This solid package contains a number of calibrated measures. It is a clear response to these violations of international law by the Kremlin.
"The sanctions directly target individuals and companies involved in these actions.
"They target banks that finance the Russian military apparatus and contribute to the destabilisation of Ukraine.
"We are also banning trade between the two breakaway regions and the EU - as we have done after the illegal annexation of Crimea in 2014.
"And finally, we are limiting the Russian government's ability to raise capital on the EU's financial markets.
"We will make it as difficult as possible for the Kremlin to pursue its aggressive policies."
She adds: "Our action today is a response to Russia's aggressive behaviour.
"If Russia continues to escalate this crisis that it has created, we are ready to take further action in response."
The EU's foreign affairs chief, Josep Borrell, earlier tweeted that this is "a first step".
He also says the sanctions mean 'no more shopping in Milano, partying in Saint Tropez, diamonds in Antwerp'.
This tweet was subsequently deleted.
The EU had previously announced sanctions on 193 persons and 48 entities accused of undermining Ukraine's "territorial integrity, sovereignty and independence" in Crimea and Sevastopol.
This included the head and deputy head of the Sevastopol electoral commission.
US President Joe Biden has also announced the first wave of sanctions there against Russia in retaliation for Moscow's actions in Ukraine.
Mr Biden says Russian troop deployments in eastern Ukraine, after the recognition of two breakaway regions, marks the "beginning of an invasion".
He warned Moscow that it would "pay an even steeper price if it continues its aggression".
Mr Biden says his Russian counterpart is "setting up a rationale to take more territory by force".
"I'm going to begin to impose sanctions in response, far beyond the steps we and our allies and partners implemented in 2014", he says.
The latest sanctions target VEB Bank and Russia's military bank, Promsvyazbank, which does defence deals.
The sanctions are also being applied to Russia's sovereign debt.
"We have cut off Russia's government from Western financing. It can no longer raise money from the West," he told reporters at the White House.
President Biden says these are just the "first tranche" of what the US and its allies were ready to put in place if Russia launches a larger invasion.
He also says he will impose sanctions on Russian oligarchs and their families in the coming days.
Additional reporting: IRN