The European Union will freeze Russian banks’ access to European financial markets, European Commission President Ursula von der Leyen said. Also, the EU will use all means to prevent Russia from getting technology to modernise the country further.
“Our punishment for the Russian invasion of Ukraine will be composed in such a way that Russia will pay heavily financially and economically,” said the German.
The package of sanctions that the EU is preparing is intended to “weaken the Russian economy,” von der Leyen said.
The heads of government of the EU countries will meet in Brussels later Thursday for an inserted summit on the Russian invasion. Then Prime Minister Mark Rutte and his colleagues will discuss the additional sanctions.
On Wednesday, a series of sanctions went into effect against government members, military commanders, and Kremlin mouthpieces for their role in recognising and occupying renegade Ukrainian regions.