Zelensky tells EU more sanctions needed to 'increase' pressure on Russia

"Not all possibilities for sanctions have been exhausted yet. The pressure on Russia must increase," Zelensky wrote on Twitter after talking to EU chief Ursula von der Leyen. 

EU leaders agreed at an emergency summit Thursday what they said was a sweeping package of economic sanctions that would have "massive and severe consequences" on Russia. 

But they stopped short of cutting Russia off from the global SWIFT banking system after economic powerhouse Germany pushed back at calls for the tough move from other member states. 

READ: EU leaders agree 'maximum impact' sanctions on Russia

The moves from Europe were part of a wave of economic punishment being inflicted on Russia by Western allies after President Vladimir Putin unleashed his military on his neighbour. 

EU and other Western leaders have said the sanctions being imposed could be ratcheted up further. 

The EU's latest sanctions -- set to be formally adopted and detailed later Friday -- cover Russia's "financial sector, the energy and transport sectors, dual-use goods as well as export and export financing".

Von der Leyen said after the summit that the packet of sanctions -- the second adopted this week by the EU -- is "targeting 70 percent of the Russian banking market, but also key state-owned companies including the field of defence".

She did not go into details, but a list drawn up by her commission, seen by AFP, proposed adding two Russian private banks -- Alfa Bank and Bank Otkritie -- to entities sanctioned by the EU.

It also called for Russians to be prohibited from putting deposits of more than 100,000 euros ($112,000) in EU banks or from purchasing euro-denominated securities.

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Von der Leyen said the measures "will increase Russia's borrowing costs, raise inflation and gradually erode Russia's industrial base".

Energy sector targets of the sanctions included an export ban on equipment and technology Russia needs to upgrade its oil refineries.

An export ban on aircraft and plane parts to Russian airlines would also "degrade a key sector of Russia's economy and the country's connectivity", von der Leyen said.