EU to sanction Russian banks, energy, others

BRUSSELS
February 25, 2022, 08:30 AM
by AP/UNB

UNB News
BRUSSELS
Publish- February 25, 2022, 08:30 AM
AP/UNB

EU to sanction Russian banks, energy, others

European Union leaders gather during a round table meeting at an extraordinary EU summit on Ukraine at the European Council building in Brussels, Thursday, Feb 24, 2022. Russia launched a wide ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee. (Olivier Hoslet, Pool Photo via AP)

European Union leaders are putting on a united front after a six-hour meeting during which they agreed on a second package of economic and financial sanctions on Russia.

The EU Council president accuses Russia of using “fake pretexts and bad excuses” for justifying its invasion of Ukraine and says sanctions will hurt the government.

Also read: ‘Thugs and bullies’: Nations sanction Russia over Ukraine

The legal texts for the sanctions agreed on are expected to be finalized overnight and be submitted for approval to EU foreign affairs ministers Friday.

EU Commission president Ursula von der Leyen says the package includes targeting 70% of the Russian banking market and key state-owned companies.

She says Russia’s energy sector also will be targeted “by making it impossible for Russia to upgrade its refineries.” And there will be a ban on sales of software, semiconductors and airliners to Russia.

Also read: G-7 warns Russia of economic sanctions if it invades Ukraine