EU sets out plans for sanctions against Russia

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Brussels: Top European Union officials say the bloc is set to impose sanctions on several Russian officials as well as banks financing the Russian armed forces. It also intends to limit Moscow’s access to EU capital and financial markets.

A statement Tuesday said the move would “target those who were involved in the illegal decision” to recognise two rebel-held areas in eastern Ukraine. It didn’t identify them.

EU Commission President Ursula von der Leyen and EU Council President Charles Michel said it would also “target trade from the two breakaway regions to and from the EU.”

They said the restrictive measures would aim to limit “the ability of the Russian state and government to access the EU’s capital and financial markets and services, to limit the financing of escalatory and aggressive policies.”

EU foreign ministers are meeting later Tuesday to discuss the measures. The two leaders said that “the EU has prepared and stands ready to adopt additional measures at a later stage if needed in the light of further developments.”

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