EU to target Russian firms with sanctions, block loans

By Barbara Lewis and Adrian Croft BRUSSELS (Reuters) - European Union leaders agreed on Wednesday to sanction Russian companies that help destabilize Ukraine and to block new loans to Russia through two multilateral lenders. The decision is a significant ratcheting-up of European pressure on Russia although it falls short of the hard-hitting economic measures against Russia for which the United States and hawks in the EU were pushing. Simultaneously, U.S. President Barack Obama announced the most wide-ranging sanctions yet on the Russian economy, targeting key institutions including Gazprombank and Rosneft Oil Co, as well as other energy and defense companies. German Chancellor Angela Merkel, arriving for the summit, said the EU leaders would talk about new sanctions "because we believe that the Russian contribution to peace in Ukraine is not yet sufficient". Read More http://ift.tt/1jxq6aq