Zelensky tells EU more sanctions needed to ‘increase’ pressure on Russia — Ukrainian President Volodymyr Zelensky addresses the nation in Kyiv early on February 25, 2022. – Invading Russian forces pressed deep into Ukraine as deadly battles reached the outskirts of Kyiv, with explosions heard in the capital early Friday that the besieged government described as “horrific rocket strikes”. The blasts in Kyiv set off a second day of violence after Russian President Vladimir Putin defied Western warnings to unleash a full-scale ground invasion and air assault that quickly claimed dozens of lives and displaced at least 100,000 people. (Photo by Handout / UKRAINE PRESIDENCY / AFP) /

Ukrainian President Volodymyr Zelensky on Friday urged the EU to impose tougher sanctions on Russia over its invasion, after the bloc held off hitting Moscow with the full arsenal of punitive measures.

“Not all possibilities for sanctions have been exhausted yet. The pressure on Russia must increase,” Zelensky tweeted after talking to EU chief Ursula von der Leyen.

European Union leaders agreed at an emergency summit Thursday what they said was a sweeping package of economic sanctions that would have “massive and severe consequences” on Russia.

But they stopped short of cutting Russia off from the global SWIFT banking system after economic powerhouse Germany pushed back at calls for the tough move from other member states.

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Russia’s President Vladimir Putin delivers a speech during the opening ceremony of a monument to civilians killed during World War Two, near the village of Zaitsevo, Leningrad region, on January 27, 2024, as part of events marking the 80th anniversary of the liberation of Leningrad from Nazi blockade during WWII. (Photo by Olga MALTSEVA / POOL / AFP)

The moves from Europe were part of a wave of economic punishment after President Vladimir Putin unleashed his military on his neighbour.

EU and other Western leaders have said the sanctions being imposed could be ratcheted up further.

The EU’s latest sanctions — set to be formally adopted and detailed later Friday — cover Russia’s “financial sector, the energy and transport sectors, dual-use goods as well as export and export financing”.

Von der Leyen said after the summit that the packet of sanctions — the second adopted this week by the EU — is “targeting 70 percent of the Russian banking market, but also key state-owned companies including the field of defense”.

She did not go into details, but a list drawn up by her commission, seen by AFP, proposed adding two Russian private banks — Alfa Bank and Bank Otkritie — to entities sanctioned by the EU.

It also called for Russians to be prohibited from putting deposits of more than 100,000 euros ($112,000) in EU banks or from purchasing euro-denominated securities.

Von der Leyen said the measures “will increase Russia’s borrowing costs, raise inflation and gradually erode Russia’s industrial base”.

Energy sector targets of the sanctions included an export ban on equipment and technology Russia needs to upgrade its oil refineries.

An export ban on aircraft and plane parts to Russian airlines would also “degrade a key sector of Russia’s economy and the country’s connectivity”, von der Leyen said.

After speaking to Zelensky, EU Council chief Charles Michel said that a new wave of measures was under “urgent preparation”, though he insisted that the sanctions already approved by EU leaders would inflict “massive and severe consequences” on Moscow.

“Europe stands with Ukraine’s people and will continue to provide support,” Michel, who chairs EU summits, tweeted.

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