U.S. President Barack Obama and European leaders gathered at a North Atlantic Treaty Organization (NATO) summit to prepare a new round of sanctions against Russia over its action in Ukraine.

The European Union (EU) would announce sanctions on Friday, including more restrictions on Russia's defence industry, state-owned banks, enterprises and associates of President Vladimir Putin, according to a British government official.

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White House deputy national security adviser Benjamin J. Rhodes said NATO leaders reiterated their disapproval of Russia's violation of Ukraine's sovereignty and territorial integrity. All leaders agreed that Russia should be punished for its role in the insurgency in eastern Ukraine.

Upon arrival at the summit, NATO Secretary-General Anders Fogh Rasmussen accused Russia of attacking neighboring Ukraine. However, Moscow denies sending arms and troops to back the pro-Russian separatists but NATO confirmed that there are over 1,000 Russian soldiers are operating in the country.

British Prime Minister David Cameron, the summit's host, branded Moscow’s action as unacceptable. He said the U.S. and EU sanctions were intended to pressure Moscow to cease its military operations in Ukraine.

Russia needs to understand that if they continue with their approach in Ukraine, the pressure will build up and their actions will eventually affect Russian economy, Cameron added.

Meanwhile, Ukrainian President Petro Poroshenko said an implementation of a peace plan could be reached with Russian-backed separatists at their upcoming talks on Friday in Minsk, Belarus capital. He was cautiously optimistic about the outcome of the Friday's peace talks.

There are two main goals to achieve peace and stability and to end the fight between the Kiev and pro-Russian rebels: First, the Russian troops' withdrawal; and second, to close the border, Poroshenko enumerated.

French President Francois Hollande told media that EU sanctions would be implemented on Friday if there is no progress in Ukraine in the coming hours. There was small chance of the sanctions being deterred even if a ceasefire were signed, diplomats said.

TagsNATO, Obama, Russia, Ukraine, ceasefire, European leaders