EU Announces New ‘Massive’ Sanctions on Russia, Targets 70 Percent of Banking Market

European Commission President Ursula von der Leyen gives a press conference on Russia's military operation in Ukraine after talks with President of the European Council and NATO Secretary General, at NATO headquarters in Brussels, on Feb. 24, 2022. John Thys/AFP via Getty Images

The European Union, at an emergency overnight summit, approved a package of “massive and targeted” sanctions on Russia.

The move comes after Russia mounted an invasion and attack on Ukraine on Thursday via land, air, and sea, after Russian President Vladimir Putin announced a “special military operation.” As of late Thursday, at least 137 people have been reported killed in the attacks.