EU vows "harshest ever sanctions" on Russia for Ukrainian attack

EU foreign policy chief Josep Borrell vowed on February 24 that the bloc would respond to Russia's invasion of Ukraine with the "harshest package of sanctions ... ever implemented."

European Commission president Ursula von der Leyen said the package of "massive, targeted sanctions" would be unveiled later today for approval by European leaders. 

"The European Union and its people stand by Ukraine and its people," der Leyen said. "Russia's target is not just Donbas, not just Ukraine. The target is the stability in Europe, and the whole of the international peace order. And we will hold president Putin accountable for that."

The sanctions package will target "strategic sectors of the Russian economy, by blocking their access to technologies and markets that are key to Russia. We will weaken Russia's economic base and its capacity to modernise. In addition, we will freeze Russian assets in the European Union and stop the access of Russian banks to European financial markets."

Der Leyen said the EU's stance on Russia was closely aligned with the US, the UK, Canada, Japan and Australia.

"These sanctions are designed to take a heavy toll on the Kremlin's interests, and its ability to finance war," der Leyen said.