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Referendums in 4 regions of Ukraine, the EU proposes new sanctions against Russia
The European Union aims to impose a price cap on Russian oil and further restrict trade ties with Moscow with a new package of sanctions announced on Wednesday by Ursula von der Leyen.
The new proposal comes in direct response to referendums held in four Russian-occupied regions of Ukraine and the partial mobilization decree signed last week by Vladimir Putin to bring up to 300,000 reservists into the national army.
"Russia has escalated its occupation of Ukraine to a new level," the president of the European Commission said on Wednesday.
"We do not accept fake referendums and any kind of annexation in Ukraine and we are determined to make the Kremlin pay for this further escalation," she said.
The proposed round of sanctions will cost the Kremlin 7 billion euros in revenue, von der Leyen said.
According to her, exports of EU-made goods, especially key technology used in the Russian military, such as aviation, electronic components and chemicals, will also be banned.
"These new export bans will also weaken Russia's economic base and weaken its capacity to modernize," the president said, without elaborating.