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March 06, 2014 AT 11:13 AM
The European Union suspended talks with Russia on a wide-ranging economic pact and a visa agreement Thursday in response to its military incursion into Ukraine's Crimean Peninsula, threatening tougher sanctions unless Moscow swiftly defuses the crisis. The moves at an emergency EU summit came on the heels of visa and financial sanctions the Obama administration imposed on Russians and Ukrainians over the military incursion into Crimea. EU President Herman Van Rompuy said further measures could include travel bans, asset freezes and the cancellation of an EU-Russia summit if Moscow does not quickly end its aggression and joins meaningful, multilateral talks within days to halt the crisis.