Ursula von der Leyen, president of the European Commission, announced a proposal meant to ramp up pressure on Moscow.

The European Union leadership is planning to ban European companies from cooperating with two Chinese banks that have been helping Russia circumvent existing trade restrictions, according to Bloomberg.

The G7 meeting in Canada will focus on aligning EU and US sanctions against Russia. The EU has proposed an 18th sanctions package targeting Moscow's key sectors. The U.S. is in discussions for its own measures,