Despite the EU and the US issuing latest sanctions on Russia, Russian President Vladimir Putin has signed laws formalizing Russia's annexation of Crimea. The move comes amid the west warning Russia that Crimea's annexation violated international law and would not be recognized by the world. The European Union's latest measures target 12 people involved in Russia's annexation of the peninsula. As Russia chose to overlook objections, Organization for Security and Co-operation in Europe reportedly consented to sending an international monitoring team to Ukraine. Meanwhile, Russian stock market tumbled low after US president Barack Obama threatened to target major economic sectors of the country, if it tried to move beyond the Black Sea peninsula.