From Europe's Chief Haiku Officer, Herman van Rompuy (now that he is president only in legacy terms, replaced by the guy who will lie - and allegedly drink - every time it gets serious):
Statement by the President of the European Council Herman Van Rompuy on further EU restrictive measures against Russia
The set of measures adopted on Monday will enter into force on Friday 12 September 2014.
At the same time, it is my understanding that the Permanent Representatives Committee (COREPER) before the end of the month will carry out a comprehensive review of the implementation of the peace plan on the basis of an assessment carried out by the European External Action Service (EEAS).
We have always stressed the reversibility and scalability of our restrictive measures. Therefore, in the light of the review and if the situation on the ground so warrants, the Commission and the EEAS are invited to put forward proposals to amend, suspend or repeal the set of sanctions in force, in all or in part.
It is expected that the Council will consider these proposals urgently with a view to take action if appropriate.
It goes without saying that the market is far more interested in the Kremlin counterstatement which should be due shortly.
Source [2]