European Commission President Ursula von der Leyen said on Thursday that the stability of Europe is at stake, as reported by Reuters.

Additional takeaways

"Sanctions will suppress Russia's economic growth."

"Want to cut Russian indsutry from the technology needed today to build future."

"Sanctions will seriously degrade the Russian economy."

Market reaction

These comments don't seem to be helping the shared currency to stage a recovery. The EUR/USD pair, which fell to a multi-week low of 1.1155 earlier in the day, was last seen trading at 1.1172, where it was down 1.2% on a daily basis.