The EU is set to impose sanctions on 146 members of Russian Parliament and 14 oligarchs.
President of the EU Commission Ursula von der Leyen shared the EU's plan to impose the increased sanctions on Wednesday, March 9.
On Twitter, she wrote: 'We are further tightening the net of sanctions responding to Russia’s military aggression against Ukraine. Listing 160 individuals: oligarchs, Russian Federation Council members; Belarus banking sector; Export of maritime navigation technology to Russia; Adding crypto-assets.
The EU is also stepping up efforts to help support Ukraine during the war with Russia.
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They say they're providing four measures of assistance including, humanitarian support, support for border management, protection for those fleeing and support for reception capacity, and cohesion policy action for refugees in Europe.
High Representative/Vice President Josep Borrell said: 'We are living the darkest times in Europe since World War II.
'Civilians are the first victims of Putin's senseless war against Ukraine.
'The EU will support and protect those escaping Russia's aggression – no matter their nationality, no matter where they come from. The EU will also mobilise all its tools to help those who host them.'
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Vice-President of the European Commission, Margaritis Schinas, added: 'Visiting the borders, we witnessed incredibly moving scenes, with national officials, civil society and ordinary citizens coming to the aid of those arriving from Ukraine.
'The European Union is supporting these efforts with the full force and breadth of our instruments, personnel and funding.
'The activation of the temporary protection directive is an unequivocal and very tangible expression of support with those fleeing the war in Ukraine.
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'And today we are mobilising additional funding to support Member States in this effort.'
Russian president Vladimir Putin has said that economic sanctions levelled against his country are 'equivalent to declaring a war'.
In comments made during a meeting with female flight attendants, Putin said: 'These [sanctions] are methods of fighting against Russia.
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'These sanctions that you can see are equivalent to declaring a war – but thankfully it has not come to an actual war but we understand what these threats are about.'
If you would like to donate to the Red Cross Emergency Appeal, which will help provide food, medicines and basic medical supplies, shelter and water to those in Ukraine, click here for more information
Anish Vij