In this photo taken Thursday March 6, 2014, Warsaw residents stage a picket in front of the U.S Embassy in Warsaw, Poland, to demand sanctions against Russian leader Vladimir Putin and his government for the military incursion in Ukraine's Crimea region.
As it warns Russia to step back from Ukraine or suffer another financial hit, the US is simultaneously trying to coax along a reluctant Europe, which likely would see its own economy roiled if the West issues harsh new penalties on trade with Moscow.
Economists say the US risks appearing weak without support from Europe, which is Russia's largest trading partner and therefore has large sway over Russia's already shaky economy.
But Europe is far from ready to issue sanctions on Moscow's energy, mining and metals sectors that would undercut its own financial stability.
The fate of new sanctions - and how tough they might be - depends on Moscow's next moves, and whether Russia deepens or pulls back its meddling in Ukraine.