WATCH LIVE: Biden says US sanctioning Russian oligarchs, debt in retaliation for action against Ukraine, warns of further sanctions

(WHEC/AP) — Biden says US sanctioning Russian oligarchs, debt in retaliation for action against Ukraine, warns of further sanctions.

The 27 European Union members nations have unanimously agreed on an initial set of sanctions targeting Russian officials over their actions in Ukraine. EU foreign affairs chief Josep Borrell said the package approved Tuesday “will hurt Russia, and it will hurt a lot.”

Borrell said the sanctions would affect members of Russia’s lower house of parliament and other individuals involved in approving the deployment of Russian troops to separatist-held regions of eastern Ukraine. He says the package will also affect Russia’s financing of policies linked to Ukraine by limiting access to EU financial markets.