Russian President Vladimir Putin said new Western sanctions against his country were intended to disrupt peace efforts in eastern Ukraine and that Moscow was considering retaliatory measures.
Speaking to journalists after a meeting of the Shanghai Cooperation Organisation security bloc in the Tajik capital, Dushanbe, Mr Putin said the sanctions looked "a bit strange" in view of the peace drive including a ceasefire.
European Union sanctions targeting Russia went into force this morning, and the United States later announced more sanctions affecting oil and defence industries as well as state-owned banks.
The EU also added 24 individuals to a blacklist of people facing a travel ban and asset freeze.
These include Igor Lebedev, deputy speaker of the Russian State Duma lower house of parliament, and outspoken nationalist politician Vladimir Zhirinovsky.
The sanctions took effect after being published in the EU's official journal.
Russian oil giants Rosneft and Transneft plus the petroleum unit of gas giant Gazprom are specifically targeted by the new punitive measures.
They also target United Aircraft Corporation - the parent company that produces MiG and Sukhoi fighter jets among others - tank maker Uralvagonzavod, and state-controlled aerospace holding company and helicopter maker Oboronprom.
The European Union finally approved the sanctions yesterday after a week of divisions about whether they should be implemented despite a ceasefire in Ukraine.
European Council President Herman Van Rompuy said the punitive measures could be lifted after a review of the truce at the end of September.
The truce agreement signed in Minsk, Belarus on 5 September between the Ukrainian government and pro-Russian separatists includes a ceasefire, a special political status for separatist-controlled areas and a prisoner exchange.
The US sanctions, which for the first time targeted Russia's Sberbank, are designed to tighten the financial noose on six Russian banks by barring US individuals and companies from dealing in any debt they issue of longer than 30 days maturity.
Meanwhile, Ukrainian President Petro Poroshenko said parliament would meet on 16 September to ratify an historic association agreement with the EU.
He said the ratification of the political and trade pact, further signalling Ukraine's move away from Russia's orbit, would be a "historic moment" for Ukraine.
Mr Poroshenko also vowed that the Crimean peninsula, which was annexed by Russia in March, would be returned to his country.
He described the loss of Crimea as a "significant problem" but said: "Crimea will be back together with us, not necessarily ... by military means."
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