The EU already has a package of sanctions against Russia in place
22:06
The first package of sanctions against Russia will be formally presented this afternoon. The EU leaders' proposals include, inter alia, demands to restrict people who participated in the illegal decision to recognize the separatist republics of Donbas and the banks that finance Russian military operations.
Charles Michel, the head of the European Council and the President of the European Commission, Ursula von der Leyen, announced that the proposal would impose sanctions on banks that finance Russian military operations, as well as impose sanctions on the ability of the Russian state and government to access capital and financial markets and EU financial services to limit funding for escalation and aggressive policies.
"The member states show unity and determination to respond decisively and swiftly to Russia's illegal actions," EU leaders said.
They declared that the EU was ready to adopt further sanctions at a later stage, "if need be in the light of future events."
“The Union remains in full solidarity with Ukraine and united in promoting its sovereignty and territorial integrity. We will continue to support Ukraine and its people,” the release reads.
