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Western leaders may impose more sanctions on Russia if it takes further action after its seizure of Ukraine’s Crimea, the Dutch Prime Minister told CNBC, adding that the West did not accept the Russian occupation.

Dutch leader Mark Rutte said he had discussed the issue with numerous world leaders including U.S. President Barack Obama, at a summit being held on Tuesday at The Hague in the Netherlands.

“I feel that we have a general agreement that at this stage we do not accept the fact that Crimea has been occupied,” Rutte told CNBC Tuesday.

“At the same time, we’re trying to contain the issue to Crimea. And if it were to… escalate, in that case we are preparing targeted sanctions.”

Rutte said these targeted sanctions would hit Russia harder than they would Europe or the U.S., although he admitted there would be an “unavoidable (spillover) effect.”

He added: “It’s difficult to foresee whether he (Russian President Vladimir Putin) will retract from Crimea or not, but I do feel that Russia senses we are serious and we want them to give up the Crimea, and at least prevent this conflict from spiraling to other regions of Ukraine.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza