European Union leaders will discuss new, tough sanctions on Russia at an emergency meeting later on Thursday in reaction to its "barbaric attack" on Ukraine, the EU said.
"We will hold President (Vladimir) Putin accountable for that," European Commission chief Ursula von der Leyen said.
"With this package, we will target strategic sectors of the Russian economy by blocking their access to key technologies and markets," she said in a statement to the media. "We will weaken Russia's economic base and its capacity to modernise."
"In addition, we will freeze Russian assets in the EU and stop the access of Russian banks to the European financial market."
The 27-nation bloc approved a first round of sanctions on Wednesday, including blacklisting Russian politicians and curbing trade between the EU and two breakaway regions of eastern Ukraine whose independence Putin has recognised.
