European Commission President Ursula von der Leyen, speaking in Brussels, condemns Vladimir Putin for "bringing war back to Europe".
She announced a package of "massive" sanctions will be proposed later in a bid to weaken Russia's economic base and its "capacity to modernise", reports the BBC.
"With this package, we will target strategic sectors of the Russian economy by blocking their access to key technologies and markets. We will weaken Russia's economic base and its capacity to modernise," she said.
"In addition, we will freeze Russian assets in the EU and stop the access of Russian banks to the European financial market. Like with the first package of sanctions, we are closely aligned with partners and allies. These sanctions are designed to take a heavy toll on the Kremlin's interests and on their ability to finance the war," the EU chief added.