President of the European Council Charles Michel on Friday said that the European Union has made a political decision to impose additional sanctions on Russia over its military operation in Ukraine.
"We took a political decision to add an additional package of mass sanction which will be painful for the Russian regime," Michel said after the extraordinary EU Summit.
"We also discussed support for the Ukrainian people and state to mobilize financing capacity and humanitarian support," he added.
European Commission President Ursula von der Leyen said the new EU sanctions against Russia will hit 70 percent of the Russian banking sector, key state-run corporations and deprive Russia of access to modern technologies.
"First, this package includes financial sanctions that cut Russia's access to the most important capital markets. We are now targeting 70% of the Russian banking market. But also, key state-owned companies including in field of defense," von der Leyen said after the extraordinary EU Summit.
The European Council has agreed on further restrictive measures that will impose massive and severe consequences on Russia for its action in Ukraine.
"These sanctions cover the financial sector, the energy and transport sectors, dual-use goods as well as export control and export financing, visa policy, additional listings of Russian individuals and new listing criteria," the European Council statement read.
Amid Russia's ongoing military operation in Ukraine, a United Nations Security Council (UNSC) vote on a resolution has been listed on a UN schedule for Friday.
However, the proposal could be vetoed by Moscow, CNN reported.
Russian President Vladimir Putin on Monday recognized Ukraine's breakaway regions - Donetsk and Luhansk - as independent entities. Later, Putin ordered special military operations "to protect" the people in the Donbas region.
Leaders from a number of countries including the UK, the US, Canada, and the European Union have condemned Russia's military operations in the Donbas region.
( With inputs from ANI )
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