EU to impose sanctions on Russian companies

European Union leaders would work to block loans for new projects in Russia as well as a range of other sanctions in response to Moscow's actions in Ukraine, according to a draft statement.

The statement said that EU countries would also work together to suspend funding for new projects in Russia through the European Bank for Reconstruction and Development.

European Union leaders say they will impose sanctions on Russia in  response to Moscow's actions in Ukraine.
European Union leaders say they will impose sanctions on Russia in response to Moscow's actions in Ukraine. Credit: Reuters

Sanctions would also target companies that helped to undermine Ukrainian sovereignty and a first list of companies and people to be targeted with asset freezes would be drawn up by the end of July.

This comes as the US announced its widest-ranging sanctions against Russia yet.

Read: US imposes widest-ranging sanctions on Russia

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US imposes new wide-ranging sanctions on Russia

President Barack Obama has announced the most wide-ranging sanctions yet on the Russian economy, targeting key institutions over the crisis in eastern Ukraine. He said the sanctions are "designed to have the maximum impact on Russia."