EU readies sanctions, says ‘Russia will feel the pain’

The European Union is close to agreeing sanctions on Russia that would put politicians and officials on blacklists, ban trading in Russian state bonds, and target imports and exports with separatist entities, senior EU officials said on Tuesday.

Russia’s formal recognition of two breakaway regions in eastern Ukraine, is “illegal and unacceptable,” European Council President Charles Michel and European Commission President Ursula von der Leyen said as they spelled out planned sanctions.

While EU member Germany’s decision to put the Nord Stream 2 gas pipeline project on ice, is arguably the most far-reaching reaction to Moscow’s moves, the bloc as a whole is planning a broad range of measures, they said.

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