Today, European Union leaders met to sign a historic agreement for free trade with Ukraine and discuss further sanctions against Russia. British Petroleum and Rosneft, Russia's national oil company, also announced that they reached a deal: a five-year, $2 billion deal.
Thus far, sanctions have been only against individual officials, which make a statement more than anything else. They do not prevent companies from doing business with Russia. The nature of any further sanctions would be economic, hitting Russia where it hurts.
Russia's big business is oil and they haven't been shy about the global power of their energy market. While Europe and the United States debate whether or not to further sanctions into the economic realm, the oil industry is taking a very strict "business as usual" approach. Rex Tillerson traveled to Moscow to speak on a World Petroleum Congress panel aside Rosneft's Igor Sechin (who is sanctioned) earlier this month, regardless of government officials opposing the trip. Business lobbies in the U.S. have also said they would oppose economic sanctions against Russia, worried they would affect American jobs and revenue streams.