European Commission President Ursula von der Leyen announced on Wednesday that they will propose new import bans on Russian products that will deprive Russia of another €7 billion in revenue, as reported by Reuters.

Additional takeaways

"We do not accept sham referenda or any kind of annexation in Ukraine."

"New individuals and entities targeted in sanctions."

"Will further restrict trade."

"New export ban to hit additional aviation items, electronic components, specific chemical substances."

"EU will prohibit EU nationals from sitting on governing bodies of Russian state-owned companies."

"New package of sanctions will lay out the legal basis for the oil price cap."

"Will add new categories to list individuals if they circumvent our sanctions."

Market reaction

The EUR/USD pair retreated from session highs following these comments and was last seen posting small daily gains at 0.9600.