The European Union is expected to introduce sanctions against Russia starting from March 17, said Poland’s Prime Minister Donald Tusk.

Ousted President of Ukraine Viktor Yanukovich is expected to comment on the upcoming secession referendum in Crimea at a press conference in the Russian city of Rostov-on-Don scheduled for 1 pm Moscow time.

Crimea is expected to use two currencies for some time after joining Russia, said the chairman of the Crimean legislature.

The chairman of the Crimean legislature announced that 80 percent of the local population favoured accession to Russia. Vladimir Konstantinov made the statement a week before the referendum that is expected to decide the future of the peninsula in Ukraine with a large ethnic Russian majority.

Russia could issue up to 40 billion roubles, or almost $1 billion, in aid to secure Crimea’s economic development if Ukraine doesn't unblock the Treasury accounts.

Nine Russian soldiers have been expelled from Canada following a spat between the two countries over the Ukraine crisis.

Russian Foreign Minister Sergey Lavrov said that his counterpart, US Secretary of State John Kerry, had postponed his visit to Russia where he was supposed to continue consultations on the possible solution to the Ukraine crisis.

The Russian economy might lose billions of dollars if the situation is not reversed, with the best of the domestic companies suffering from the impact of the possible sanctions.

London hosted the opening ceremony of the Cross-Year of Culture of Great Britain and Russia. The ceremony was led by Lord Speaker of the House of Lords Baroness Frances D'Souza and Deputy Prime Minister Olga Golodets.

The departments of the Russian Customs at the border with Ukraine are operating normally despite the possible threats.