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In return, Russia’s agricultural oversight agency issued a statement Tuesday declaring the reversal of its earlier decision to lift the ban on imports of U.S. pork. It said the existing U.S. system of checks don’t guarantee its safety.

Putin’s economic advisor, Sergei Glazyev, said that Russia can develop financial ties with other nations to offset any potential Western sanctions.

The European Union’s foreign ministers on Monday threatened Moscow with halting talks on visa liberalization and negotiations on further economic cooperation unless Russian troops on the Crimean peninsula pull back over the next three days.

The bloc’s 28 heads of state and government will hold an emergency meeting on the situation in Ukraine on Thursday that will decide on imposing the sanctions if there is no de-escalation on the ground, EU foreign policy chief Catherine Ashton said.