European Commission President Ursula von der Leyen proposed a new package of sanctions against Russia on Wednesday, intended to “make Kremlin pay” for escalating its invasion of Ukraine by means of what she called “sham” referendums in occupied territory.

The sanctions package includes sweeping new import bans on Russian products that are expected to deprive Russia of an additional 7 billion euros in revenue. She said the bloc is also proposing to extend the list of products that can no longer be exported to Russia.

“The aim here is to deprive the Kremlin’s military complex of key technologies,” she explained.

The sanctions package would also lay the legal basis for an oil price cap, she said.

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