This is CBS Eye on the World.

Here's John Batchelor.

This is CBS, I on the world.

I'm John Batchel.

I welcome Anatole Levin of the Quincy Institute for Responsible Statecraft

to help me through the headlines from Europe,

London, in these last hours about Ukraine crisis and what is to be done.

EU hits Russia with fresh sanctions aimed at banking and energy. Subhead, measures include ban on

financial transactions with Russian lenders and use of Nord Stream

gas pipelines. This is presented as severe sanctions that will damage the Russian economy

and might have blowback on Europe, but right now, Anna told, my puzzle is they've been waiting

for, well, we're talking now about end of the fourth year.

And the puzzle is, what is the game at the EU?

Is Ukraine a threat?

Is Ukraine an obstacle?

Is Ukraine a, do we have to do this anymore?

I don't understand why they waited so long to do something that sounds effective for the Russian ambitions.

Good evening to you.

Hello, John.

Well, I mean, I suppose there are two questions, really.

One is how effective will it actually be?

Because, you know, when it comes to Russian energy to the EU,

...