Seems that Americans are more keen to take decisive measures against the Russians than
Western Europeans.
America has suspended military and economic ties with Russia. America is not one of Russia's top 5 trade partners, so it is doubtful that these sanctions will have a serious impact. If anything it will temporarily slow down the Russia economy, after which Russia's economy will pick back up.
Europe has merely condemned Russia and for now does not support economic sanctions being put on Russia. This is according to the article above.
More accurately: the EU hasn't yet decided on possible economic sanctions.
As I said earlier any relevant EU decisions will be made in the meeting of national leaders scheduled Thursday. ATM opinions of EU countries are divided on the issue. What has been already agreed upon is suspending the Visa-free regime negotiations with Russia etc, but any decisions on further measures will wait until Thursday and those will depend on Russia's actions.
And, I have to say I'm happy with the seemingly slow pace here. The situation calls for cool heads and not hasty reactionaries. Currently I don't see isolating Russia as a smart immediate step and measures such as economic sanctions should be kept at reserve - and make no mistake Putin knows that imposing them would hurt Russia hard.
Situation is still explosive but also some modestly positive developments were seen today:
+ Russia agreed to a meeting with NATO
+ Russia and Ukraine started minister level dialogue
+ For his press conference Putin had toned down the aggressive rhetorics, appeared like he might be ready to negotiate, saying he sees no need for using military power in Crimea, and that Russia is not aiming for annexing Crimea (which btw, I do believe as such annexation does not make sense).
- Putin also spouted some obvious ********, and it's not clear if he actually believes it or if its just propaganda for domestic consumption.
Currently maintaining contacts with Russia is of essence - not isolation. There's still good chances for a diplomatic solution without any armed conflic. Therefore if situation does not deteriorate until Thursday, I would not support economic sanctions and I think the EU national leaders will not either. But a lot depends on Russia's actions.
I think one of the important next steps is to have Russia agree to OSCE participation in Ukraine, especially in Crimea.