Ukraine-Russia conflict: EU finalises first package of sanctions against Russia

EU foreign affairs ministers are meeting on Tuesday to discuss a first package of sanctions against Russia after President Vladimir Putin ordered troops into two rebel-held regions in eastern Ukraine.

European Commission President Ursula von Der Leyen and European Council President Charles Michel said on Tuesday that a package of sanctions will be formally tabled this afternoon. 

An informal meeting of EU foreign affairs ministers, chaired by High Representative Josep Borrell, is currently underway.

The sanctions aim to target those involved in the decision to enter the pro-Russian Ukrainian territories, as well as any banks financing the Russian military or other operations in the same areas.

The EU is also looking to tackle Russia's ability to access the bloc's capital and financial markets while targeting trade from the two breakaway regions to and from the EU.

Meanwhile, Britain sanctioned five banks and three wealthy individuals on Tuesday in retaliation to Russian troops entering rebel-held regions in eastern Ukraine. 

The UK government published details to freeze the assets of three individuals. These include Gennadiy Timchenko, Boris Rotenberg, Igor Rotenberg.

It also imposed sanctions on Bank Rossiya, Black Sea Bank for Development and Reconstruction, Joint Stock Company Genbank, Is Bank, and Public Joint Stock Company Promsvyazbank.

Meanwhile, German Chancellor Olaf Scholz halted certification of the Nord Stream 2 gas pipeline.

"That sounds technical, but it is the necessary administrative step so there can be no certification of the pipeline and without this certification, Nord Stream 2 cannot begin operating," Scholz said.

Western countries are imposing sanctions on Russia after Putin deployed troops in two breakaway regions in eastern Ukraine after recognising them as independent states. Parts of the regions are controlled by pro-Russian rebels.

Putin then instructed the defence ministry to assume a peacekeeping mission in the two pro-Russian regions.

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