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Sanctions against 70% of Russia's financial market and important government-owned companies have been announced by the EU.

As the European Commission president presented a package of fresh EU penalties on Russia, Ursula von der Leyen said Vladimir Putin's invasion of Ukraine represents the "beginning of a new era."

Ms von der Leyen said the package comprised financial, energy, and technological penalties to dissuade Mr Putin from redrawing "the map of Europe by force" during a late-night European Council meeting on the situation in Ukraine.

Ms von der Leyen said the measures reflect "how united the EU is" in a series of tweets early Friday morning.

"First, this package includes financial penalties, which target 70% of the Russian banking industry and important state-owned firms, including defence companies," she stated.

"Second, we're focusing on the energy sector, which is a critical economic sector that favours Russia in particular. Our export embargo will harm the oil industry by preventing Russia from upgrading its refineries.

Sanctions against 70% of Russia's financial market and important government-owned companies have been announced by the EU.

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