By Scott Kanowsky
Investing.com -- European Union officials announced on Wednesday plans to place tougher sanctions on Russia in response to a series of annexation votes held in occupied territories in Ukraine.
EU Commission president Ursula von der Leyen said the bloc would lay out the "legal basis" for a price cap on Russian oil, as well as "sweeping" new bans on the import of Russian products and harsher restrictions on high-tech military exports to the country. Europeans would also be prohibited from sitting on the executive boards of Russian businesses, von der Leyen said.
She added that the EU's proposal would see Brussels step up its efforts to prevent moves to "circumvent" the sanctions by listing individuals who attempt to avoid them.
"Our sanctions have hit Putin's system hard. They have made it more difficult for him to sustain the war [in Ukraine] and we are increasing our efforts here and moving forward," von der Leyen said.
Ukraine had previously called for further sanctions on the Kremlin after referenda on joining the Russian Federation were conducted in four occupied regions, sparking concerns that Moscow was moving to annex the areas.