Russia-Ukraine Crisis: EU will put up strong Trans-Atlantic front, sanctions will be severe, says Envoy Ugo Astuto

Ugo Astuto, the European Union Ambassador to India, on Tuesday said the bloc is preparing a package of sanctions that will be commensurate with the current situation.

Astute said a high-level meeting is currently underway to agree on the sanctions package, "The package will have economic responsibilities and will help in maintaining the integrity of Ukraine," he said, adding that the EU Will take a wide range of political and economic sanctions as the situation evolves. "EU sanctions on Russia will be severe and far reaching; EU wants to put up a strong Trans-Atlantic front against Russia."

On Tuesday, Reuters -- quoting a statement by the presidents of the European Council and the European Commission -- said EU foreign ministers will consider a package of sanctions against Russia with a view to finalising it without delay.

They said the package, agreed after Russia formally recognised two breakaway regions of eastern Ukraine, contained proposals to target those who were involved in the illegal decision; to target banks that are financing Russian military and other operations in those territories; to target the ability of the Russian state and government to access the EU's capital and financial markets and services, to limit the financing of escalatory and aggressive policies; and to target trade from the two breakaway regions to and from the EU, to ensure that those responsible clearly feel the economic consequences of their illegal and aggressive actions.

The two presidents added: "The EU has prepared and stands ready to adopt additional measures at a later stage if needed in the light of further developments."

Russia's escalation comes despite efforts being made for a diplomatic dialogue and is being condemned worldwide. Ukraine said it will consider breaking off relations with its neighbour accusing it of trying to revive the USSR.