EU leaders agree on new sanctions targeting Russian energy, transport sectors

The European Council, made up of EU heads of state and government, said Feb. 24 it had agreed on sanctions targeting Russia's energy, transport and other sectors in response to Moscow's military invasion of Ukraine.

In a statement following a meeting in Brussels of EU leaders, the European Council said it had reacted "swiftly and decisively" to Russia's actions.

"The European Council today agrees on further restrictive measures that will impose massive and severe consequences on Russia for its action, in close coordination with our partners and allies," the council said. "These sanctions cover the financial sector, the energy and transport sectors, dual-use goods as well as export control and export financing, visa policy, additional listings of Russian individuals and new listing criteria."

It added the EU would adopt "without delay" proposals prepared by the EU executive branch, the European Commission.

The exact nature of the measures had yet to be published.

Commodity markets surged Feb. 24 in response to Russia's invasion of Ukraine and the closure of commercial shipping routes in the Black Sea region, with European and North American leaders promising a tough and united response, despite concerns over security of Russian energy supplies on which the continent depends.