BRUSSELS: European Union foreign ministers will consider a package of sanctions against Russia on Tuesday with a view to finalising it without delay, the presidents of the European Council and the European Commission said in a statement.

UK to impose sanctions on Russian banks and individuals

They said the package, agreed after Russia formally recognised two breakaway regions of eastern Ukraine, contained proposals:

• to target those who were involved in the illegal decision.

• to target banks that are financing Russian military and other operations in those territories.

• to target the ability of the Russian state and government to access the EU's capital and financial markets and services, to limit the financing of escalatory and aggressive policies.

• to target trade from the two breakaway regions to and from the EU, to ensure that those responsible clearly feel the economic consequences of their illegal and aggressive actions.

US to announce Russia sanctions after initial caution on Ukraine

The two presidents added: "The EU has prepared and stands ready to adopt additional measures at a later stage if needed in the light of further developments."