European Union to sanction Russian banks, energy, others

European union flag against parliament in Brussels, Belgium. Pic/iStock

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 accused Russia of using "fake pretexts and bad excuses" for justifying its invasion of Ukraine and said sanctions will hurt the government.

The legal texts for the sanctions agreed on are expected to be finalised overnight and be submitted for approval to EU foreign affairs ministers on Friday. EU Commission president Ursula von der Leyen said the package includes targeting 70 per cent of the Russian banking market and key state-owned companies.

She said 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.

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