The United States and Europe came to an agreement on Monday to increase sanctions against Russia. The increased sanctions will be in the sectors of finance, defense, and energy. Leaders in Britain, France, Germany, Italy, as well as President Obama had a video conference call to discuss the sanctions. Tomorrow, the European Union will meet formally to consider the new plan.
While these will certainly be increased sanctions, they will not target national gas. Thirty percent of Europe relies on Russia for natural gas, with some countries, like Greece, at a well over fifty percent dependence. There is also the risk of Russia issuing countersanctions.
While Europe and the U.S. may suffer themselves from increased economic sanctions, world leaders believe the new sanctions are necessary because of Russia's behavior towards the MH17 crash. Hannes Hesse, executive director of the German Engineering Federation, has said, "In light of the most recent escalation, new sanctions are unavoidable."