The European Union, EU, has agreed on a new package of economic sanctions against Russia, despite a ceasefire between government forces and pro-Kremlin rebels in Ukraine. The sanctions tighten existing measures imposed in July, targeting more individuals with travel bans and asset freezes, as well as tightening access to capital markets for Russian oil and defence companies.European Council President Herman Van Rompuy and European Commission Chief Jose Manuel Barros said in a letter to European leaders that the new measures were an effective tool to reinforce the principle that EU sanctions are directed at promoting a change of course in Russia's actions in Ukraine.US President Barack Obama told reporters on the sidelines of the NATO Summit in Wales Friday that sanctions against Russia may be lifted if a long term sustainable ceasefire is reached in Ukraine.