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Germany has frozen progress on a new gas pipeline while Britain announced sanctions on three Russian billionaires and five of its banks.
It comes in response to Moscow's recognition of two separatist regions in eastern Ukraine - a move that has put Europe on the brink of conflict.
Overnight, Russia's parliament approved treaties with the two breakaway regions - a day after president Vladimir Putin announced he would recognise their independence.
Fears of war were stoked by reports of shelling and movements of unmarked tanks in the city of Donetsk.
German Chancellor Olaf Scholz won't certify the Nord Stream 2 pipeline - widely seen as one of the strongest measures Europe could take.
EU foreign ministers in Paris were discussing sanctions that would hit Russian banks, while president Joe Biden has also vowed to announce penalties against Russia.
New Zealand's foreign minister Nanaia Mahuta - who is due to arrive in London today- wants urgent diplomatic efforts to find a peaceful resolution, saying Russia's actions undermine Ukraine's sovereignty and is a violation of international law.
Back here, Ukrainians in Aotearoa are furious about what's happening in their homeland.
Ukrainians Association of New Zealand Northern territories head Yuriy Gladun spoke to Susie Ferguson.