The EU has limped towards this set of sanctions proposals as member states were divided on whether to “take stock” of existing measures or push ahead with more.
But momentum to move forward grew after last week’s developments – namely President Vladimir Putin’s nuclear “threats” as well as Russia’s military mobilisation and so-called referendum plans.
The sanctions laid out today have largely been under discussion for some time with few in Brussels arguing that this latest tranche of measures is particularly radical when compared to previous packages.
However the European Commission insists new import and export bans will hit the Kremlin’s finances.
And they’re working on legislation so that the few member states still buying Russian oil by the end of this year are in line with the G7’s proposed price cap.
However one of those member states is Hungary – whose government is now openly arguing that sanctions have backfired on Europe.__BBC.com