European Commission President Ursula von der Leyen said on Wednesday, “new sanctions against Russia will not be the last.”
Meanwhile, European Council Chairman Charles Michel said that the “measures on Russian oil and gas will be needed sooner than later.”
These comments come after the European Union (EU) proposed on Tuesday to ban coal imports from Russia in direct response to reports that Russia committed war crimes in Ukraine by killing innocent civilians.
von der Leyen said the ban on coal imports would amount to EUR4 billion ($4.4 billion) a year, sources said.
Market reaction
The above comments failed to deter EUR bulls, as EUR/USD is recapturing 1.0900, extending its rebound amid a broad retreat in the US dollar ahead of the Fed minutes.
