UPDATED 10:12 AM PT – Friday, February 25, 2022
European Union leaders agreed to impose new sanctions on Russia. EU Commission President Ursula von der Leyen said they stand united in condemning Russia’s attack on Ukraine.
The Bloc’s leaders met Thursday night and agreed on a package of targeted sanctions. Von der Leyen said the sanctions will have the maximum impact on Russia’s economy and its political elite.
“We are now targeting 70 percent of the Russian banking market, but also key state-owned companies including the field of defense,” she announced. “These sanctions will increase Russia’s borrowing costs, raise inflation and gradually erode Russia’s industrial base.”
The strong EU participation today at the @NATO summit shows the excellent cooperation with NATO.
Putin tried to divide us but we are more united than ever.
We stand by the courageous Ukrainian people. pic.twitter.com/a8nT1fN5XR
— Ursula von der Leyen (@vonderleyen) February 25, 2022
Von der Leyen also said the EU will also curb exports to Russia to stop materials it needs for its oil refineries. She added, the move would hurt Moscow’s oil sector and eventually deplete its oil refining revenue.