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EU prepares new round of sanctions, including travel bans and asset freezes, against Russia

Lithuania Ukraine-1.jpg

Children play as people hold up a giant Ukrainian flag to protest against the Russian intervention in Ukraine during the celebration of Lithuania's independence in Vilnius, Lithuania, Tuesday March 11, 2014. Lithuania celebrated the anniversary of its declaration of independence from the Soviet Union on Thursday, recalling the seminal events that set the Baltic nation on a path to freedom and helped lead to the collapse of the U.S.S.R. (AP Photo/Mindaugas Kulbis) (The Associated Press)

European Union countries are preparing tougher new sanctions against Russia that they could impose by Monday.

EU governments are divided about how fast, and how far to go, to punish Moscow for its military incursion into Ukraine's Crimean peninsula.

British and French diplomats said Tuesday that officials are preparing a second round of sanctions on top of an initial round imposed last week. Those deemed responsible for undermining Ukrainian territorial integrity and promoting instability would suffer travel bans and frozen assets.

French Foreign Minister Laurent Fabius says these new sanctions could be in place later this week.

German Foreign Minister Walter Steinmeier says the EU will decide on further sanctions by Monday if the situation doesn't improve.

EU foreign ministers are scheduled to meet Monday in Brussels.