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"It's a first answer. It's an initial response," French president Emmanuel Macron said of EU sanctions (Photo: consilium.eu)

Russian banks, oil refineries to face EU freeze

Russian banks and oil refineries are to be hobbled by new EU sanctions in future, as civilian deaths mount in Ukraine.

Some 70 percent of Russian banks will be blocked from capital markets and Europe will ban exports of "unique" components needed by Russia's €24bn a year refinery sector in response to its invasion of Ukraine, EU leaders agreed at an emergency overnight summit in Brussels.

They spoke by video-link with Ukrainian president Volodomyr Zelensky on Thursday, who has st...

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

"It's a first answer. It's an initial response," French president Emmanuel Macron said of EU sanctions (Photo: consilium.eu)

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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