Proposed new EU sanctions will block Russian banks’ access from European financial markets, among other things, European Commission President Ursula von der Leyen said on Thursday, MIA writes.

The measures also include freezing Russian assets in the European Union and banning important Russian economic sectors from accessing key technologies and markets.

The EU is Russia’s biggest trading partner, according to the commission. EU leaders could approve the measures at an emergency summit later on Thursday.

The bloc imposed a first set of sanctions on Wednesday, following Putin’s recognition of independence for the breakaway provinces of Luhansk and Donetsk. Earlier on Thursday, von der Leyen and European Council President Charles Michel vowed to impose “massive and severe” sanctions on Russia, in a joint statement.