President Vladimir Putin
has signed a law formalising Russia's takeover of Crimea from Ukraine,
despite fresh sanctions from the EU and the US.
Earlier, Ukraine and the EU signed an accord forging closer political ties.
Separately, the Organisation for Security and Co-operation in Europe has agreed to send monitors to Ukraine, after Russia dropped objections.
Downgrade
Shares fell sharply in Moscow on Friday as investors assessed the impact of Western sanctions on Russia's economy.
Two credit-rating agencies have now downgraded Russia's outlook from stable to negative.
Visa and Mastercard have also stopped providing services to two Russian financial institutions, Bank Rossiya (hit by US sanctions) and SMP Bank.
Fireworks
Mr Putin ordered fireworks displays for Moscow and Crimea on Friday night to celebrate the region becoming part of the Russian Federation.
Russia has put in place travel bans and asset freezes for nine prominent US officials and lawmakers in response to Thursday's announcement of sanctions targeting Mr Putin's allies by President Barack Obama.
Senator John McCain, one of those targeted, joked in a tweet that he would have to cancel his spring break in Siberia.
Mr Putin said Moscow would not retaliate for the latest EU sanctions - although the Russian foreign ministry said there would be a response.
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