At a summit in Brussels, the EU leaders have gathered to discuss toughened economic sanctions on Moscow – the sanctions are aimed at specific targets who are involved in Russia's finances namely, oligarchs who are linked to President Vladimir Putin and the country's vast mineral wealth.
The EU leaders have given Russia one week to reverse the course in Ukraine or, alternately, be prepared to face a new round of sanctions.
European Union President Herman Van Rompuy has revealed that the 28 leaders have agreed to take "further significant steps" if Moscow did not back down. The European Commission, which is the executive arm of EU, has been asked to produce options for new sanctions within a week.
Van Rompuy has remarked that everyone is fully aware that we have to act quickly given the evolution on the ground and the tragic loss of life of the last days.
Dalia Grybauskaite, the President of Lithuania and a staunch critic of Putin, has asked the EU to get serious as Russia's war in the Ukraine menaced peace in Europe for the first time in decades. She has added that Russia is practically in a state of war against Europe.
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