EU sanctions to hit Russia's oil refineries: European Commission

The European Union has approved a preliminary package of sanctions against Russia that will target the country's oil refining and transport sectors, European Commission President Ursula von der Leyen said Feb. 25.

The announcement followed a special meeting of the European Council Feb. 24 in response to Russia's invasion of Ukraine.

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"We will hold the Kremlin accountable. The package of massive and targeted sanctions European Leaders approved tonight clearly demonstrates that," von der Leyen said in a statement.

"The second main pillar targets the energy sector. A key economic area, which especially benefits the Russian state. Our export ban will hit the oil by making it impossible for Russia to upgrade its oil refineries, which gave Russia export revenues of Eur24 billion [$26.8 billion] in 2019," she said.

The EU will also ban the sale of all aircraft, spare parts and equipment to Russian airlines.

"This will degrade the key sector of Russia's economy and the country's connectivity," von der Leyen said.

The EU's measures were closely coordinated with its allies including the US, UK, Canada, Norway, South Korea, Japan and Australia, she said.

The package of measures was expected to be approved by EU foreign ministers later Feb. 25.