The European Union is finalising details of sanctions this afternoon which will likely target Russia's wealthiest people and banks in the country.
Germany has also pulled the Nordstream 2 gas pipeline it had planned with Moscow - while the UK has announced the start of sanctions after Vladimir Putin recognised two breakaway parts of Ukraine as independent states.
Speaking in Berlin ahead of meetings with the German Chancellor, Taoiseach Micheál Martin said the EU's response to Russia would be swift:
"The sentiments are ticketed last evening by President Putin are not acceptable to us in the sense of small states are entitled to their nationhood, to the to their freedom and to their independence.
And I think the statement creates a chilling effect for many smaller states across the European continent."
