The European Union is preparing a further package of sanctions against Russia.
That's according to Finance Minister Paschal Donohoe, who says the current focus is to implement those already agreed.
Minister Donohoe is on a tour of Baltic states in his role as president of the Eurogroup.
He told The Pat Kenny Show other EU member states see Ukraine as the latest in a sequence of events by Russia.
"If you look at what has happened in Georgia, if you look at what has happened in Crimea, if you now look at the terror that is underway within Ukraine.
"The view of many of our friends within the European Union is that what is now happening in Ukraine is one of a sequence of military invasions that have taken place, and they are deeply concerned regarding what the future can hold.
"It's worth emphasising that they see the security response to that being through NATO, rather than through the European Union.
"But they see the European Union being vital in many other elements in both protecting and securing their country - particularly in the field of economics."
And he says more sanctions are planned.
"There will be more that will be done, and the European Union is now preparing further packages of sanctions to target the capacity of the Russian economy to fund the war.
"But for now our focus is going to be on thoroughly implementing what we have agreed to do."
He also says a decision to not allow Russia's Central Bank to access its foreign exchange reserves outside Russia "have had a really significant, if not huge, effect on the Russian economy".
"The Russian Stock Exchange has now been closed for many days, the ruble is dramatically declining in value.
"And investment flows, and even the flow of goods into the Russian economy, is quickly diminishing.
"All of this will matter so much for Russia's ability to access the foreign exchange that they will need to in turn pay for what is underway within the Ukraine at the moment.
"So more will be done, but the focus of many of us at the moment now is on thoroughly implementing what we've agreed to do".