The European Union agreed Thursday to put new sanctions on Russia into effect and President Barack Obama said the U.S. would join in a coordinated action, raising pressure on Moscow even as a cease-fire appears to be taking hold in eastern Ukraine.

The EU and the U.S. also indicated the sanctions could be rolled back later if Russian President Vladimir Putin abides by commitments to seek a negotiated settlement to the conflict between the Ukrainian government and pro-Russia separatists.

The EU measures, initially approved on Monday, will take effect Friday, reinforcing steps taken in July restricting trade, commerce and financial links with Russia. Together with the U.S. package, they will be the toughest yet against Russia’s energy sector and will affect companies like Exxon Mobil that are working with state-controlled oil companies in Russia.

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