LATEST HEADLINES

• Russian President Vladimir Putin has told China he would back high-level negotiations with Ukraine.

• Chinese President Xi Jinping says China supports the Ukraine issue to be resolved through negotiation. 

• The European Commission warned that the European Union could impose more sanctions on Russia a day after EU leaders agreed on a new package of measures.

• The U.S., UK, Canada, Australia, Japan, Taipei and others also unveiled sanctions against Russia, targeting banks, military exports and members of Putin's inner circle.

• Syrian President Bashar Al-Assad has given his support to Russia.

• Europe's governing soccer body UEFA has moved this year's Champions League final from St Petersburg to Paris. 

• Turkey's foreign minister turned down Ukraine's request to stop Russian warships accessing the Black Sea via its straits and called NATO and Western reaction indecisive.

• Italy is ready to supply an additional 3,400 military personnel to support NATO efforts to contain the emergency.

• EU interior ministers will discuss a possible Ukrainian refugee crisis, with UNICEF fearing that up to five million Ukrainians could flee to neighboring countries. 

• Russia's economy ministry revealed plans to increase trade and economic ties with Asian countries to minimize the effect of Western sanctions.

• The UK defense secretary said Russia intends to take the whole of Ukraine but its army had failed to deliver on the first day of its military operations.

• Stock markets tumbled and Russia's rouble hit an all-time low. 

China calls for talks

Chinese President Xi Jinping has attempted to de-escalate the crisis, talking to his Russian counterpart Vladimir Putin via a phone call .

Xi said China "respected the sovereignty and territorial integrity of all countries," adding that it was necessary "to abandon the Cold War mentality and respect the legitimate security concerns of all countries."

He told Putin that China was "willing to work with all parties in the international community to advocate a common, comprehensive, cooperative and sustainable security concept, and firmly safeguard the international system with the United Nations at the core and the international order based on international law."

In response, Putin spoke of his willingness to conduct high-level negotiations with the Ukrainian side.

EU threatens more sanctions

The European Commission has warned Moscow that the EU could impose more sanctions on Russia.  

"When it comes to the sequencing of packages, we have always said we have a massive package prepared and we will be applying this package in a progressive way, responding to concrete actions by Russia, and we are not at the end," spokesman Peter Stano told reporters.

Coordination among EU leaders on a stronger sanctions package against Russia is in the early stages, according to a German government spokesperson. Meanwhile, UK defense secretary Ben Wallace said London is pushing reluctant allies to cut off Russia from the SWIFT global interbank payments system. 

According to the TASS news agency, Russia has prepared a package of retaliatory sanctions. The country's economy ministry also revealed it would be stepping up trade and economic ties with Asian countries.

"The rhetoric of some of our foreign colleagues was such that we have been ready for potential new sanctions for a long time," the ministry said. 

Sports federations block Russian events

As expected, world soccer's governing body is moving May's Champions League final from St Petersburg to Paris. In addition, the home games of Ukrainian and Russian club and national teams competing in UEFA competitions will be played at neutral venues "until further notice."

Formula 1 also announced that Russia will no longer host a Grand Prix in Sochi after "watching the developments in Ukraine."

More European reaction

Turkey has refused a request by Ukraine to prevent Russian warships from accessing the Black Sea via its straits. Foreign Minister Mevlut Cavusoglu said this was due to a clause in an international pact allowing vessels to return to their home base.

Turkish President Tayyip Erdogan criticized the response from NATO and Western countries to the crisis and said he hoped Friday's NATO summit would lead to a more determined approach.

NATO member Turkey borders Ukraine and Russia in the Black Sea and has good ties with both. It has called on Russia to end its military operation and voiced support for Ukraine's territorial integrity.

Meanwhile, Italy announced plans to supply an additional 3,400 military personnel to support NATO efforts.

Markets and refugees

Stock markets tumbled globally, with Russia's rouble hitting an all-time low. European bank shares remained unsteady on Friday after steep falls a day earlier as bankers grapple with the potential impact of impending sanctions.

Fuel, cash and medical supplies are running low in parts of Ukraine, which could drive up to five million people to flee abroad, UN aid agencies said.

At least 100,000 people are uprooted in Ukraine after fleeing their homes since Thursday, while several thousand have already crossed into neighboring countries, including Moldova, Romania and Poland, UN refugee agency spokesperson Shabia Mantoo said.