AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.11 Increased By ▲ 0.07 (0.06%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.88 Increased By ▲ 0.44 (1.06%)
DGKC 87.50 Increased By ▲ 0.65 (0.75%)
FCCL 32.50 Increased By ▲ 0.22 (0.68%)
FFBL 64.99 Increased By ▲ 0.19 (0.29%)
FFL 10.36 Increased By ▲ 0.11 (1.07%)
HUBC 109.35 Decreased By ▼ -0.22 (-0.2%)
HUMNL 14.70 Increased By ▲ 0.02 (0.14%)
KEL 5.09 Increased By ▲ 0.04 (0.79%)
KOSM 7.56 Increased By ▲ 0.10 (1.34%)
MLCF 41.50 Increased By ▲ 0.12 (0.29%)
NBP 59.90 Decreased By ▼ -0.51 (-0.84%)
OGDC 192.39 Increased By ▲ 2.29 (1.2%)
PAEL 28.17 Increased By ▲ 0.34 (1.22%)
PIBTL 7.82 Decreased By ▼ -0.01 (-0.13%)
PPL 151.00 Increased By ▲ 0.94 (0.63%)
PRL 26.46 Decreased By ▼ -0.42 (-1.56%)
PTC 16.15 Increased By ▲ 0.08 (0.5%)
SEARL 83.90 Decreased By ▼ -2.10 (-2.44%)
TELE 7.77 Increased By ▲ 0.06 (0.78%)
TOMCL 35.49 Increased By ▲ 0.08 (0.23%)
TPLP 8.10 Decreased By ▼ -0.02 (-0.25%)
TREET 16.25 Decreased By ▼ -0.16 (-0.98%)
TRG 52.92 Decreased By ▼ -0.37 (-0.69%)
UNITY 26.40 Increased By ▲ 0.24 (0.92%)
WTL 1.27 Increased By ▲ 0.01 (0.79%)
BR100 9,991 Increased By 106.9 (1.08%)
BR30 31,161 Increased By 561.2 (1.83%)
KSE100 94,153 Increased By 797.2 (0.85%)
KSE30 29,174 Increased By 243.1 (0.84%)

imageBRUSSELS: European Union leaders will threaten Russia with new sanctions over Ukraine on Saturday but, fearful of a new Cold War and self-inflicted harm to their own economies, should give Moscow another chance to make peace.

At a summit in Brussels that may hand one of the Union's top jobs to Poland's premier and give hawkish Kremlin critics in ex-communist Eastern Europe new influence in the bloc, EU officials gave Ukraine's embattled President Petro Poroshenko a warm welcome and assurances of further economic and other support.

But divisions among the 28 EU nations have hampered action against Moscow, and a draft of Saturday's final statement indicates that they will merely ask the bloc's executive arm "urgently" to prepare more options for sanctions.

French President Francois Hollande stressed that a failure by Russia to reverse a flow of weapons and troops into eastern Ukraine would force the bloc to impose new economic measures.

"Are we going to let the situation worsen, until it leads to war?" Hollande said at a news conference. "Because that's the risk today. There is no time to waste."

British Prime Minister David Cameron said: "We have to address the completely unacceptable situation of having Russian troops on Ukrainian soil.

Countries in Europe shouldn't need to think long before realising just how unacceptable that is. We know that from our history. "So consequences must follow if that situation continues."

The president of formerly Soviet Lithuania, an outspoken critic of Vladimir Putin and of EU hesitation to challenge him, called for urgent military supplies to Kiev and a tougher arms embargo on Russia. Dalia Grybauskaite said Moscow, by attacking Ukraine, was effectively "in a state of war against Europe".

But large Western countries are wary of damaging their own economies through sanctions. Those include Germany, Britain and France, as well as Italy, which is heavily dependent on Russian gas and expects to secure the post of EU foreign affairs chief.

Poroshenko gave short shrift to Moscow's denials by denouncing the past week's incursion of thousands of troops with hundreds of armoured vehicles and said he expected the summit to order the European Commission to prepare a new set of sanctions.

But, like Commission President Jose Manuel Barroso, he used their joint news conference to stress a will to find a political solution to a crisis that President Putin blames on Kiev's drive to turn the ex-Soviet state away from its former master Moscow and toward a Western alliance with the EU and NATO.

He said he was not looking for foreign military intervention and expected progress toward peace as early as Monday - because failure could push the conflict to a point of no return: "Let's not try to spark the new flame of war in Europe," he said.

Barroso also warned of the risk of a "point of no return" in stressing that EU leaders wanted to defuse the confrontation with their nuclear-armed neighbour.

"It makes no sense to have a new Cold War," Barroso said. Further conflict would hurt all of Europe, he said, adding that sanctions were meant to push Moscow to talk. His Commission already had prepared a number of options for further measures.

Copyright Reuters, 2014

Comments

Comments are closed.