EU chief warns of Putin's potential to escalate conflict in Europe as new sanctions loom.

• An emergency meeting will take place in Brussels at 8 p.m. local time on Thursday, with the 27 heads of state of the EU present, to discuss new sanctions against Moscow, as announced by Von der Leyen.
• By restricting access to crucial technologies and markets, the Russian economy will be targeted in specific sectors.

On Thursday, the European Union will impose additional sanctions on Russia in response to its invasion of Ukraine.

Ursula von der Leyen, the European Commission President, stated early Thursday that President Putin is responsible for the return of war to Europe and that the European Union stands with Ukraine and its people in these trying times.

The Russian leadership's recent action against a sovereign, independent country is an unprecedented act of aggression, she stated.

Russia's objective is not limited to Donbass or Ukraine; it extends to maintaining stability in Europe and the entire international rules-based system. To achieve this, we will hold Russia responsible.

The EU's trade chief, Valdis Dombrovskis, stated on CNBC Thursday that Brussels must be "bold, strong, and united" in its response because "it is evident that the worst-case scenario is becoming a reality."

Russia is currently engaged in a full-scale war against Ukraine, and it is imperative that we take immediate action to counter this aggression and provide support to Ukraine, as stated by the speaker to CNBC's Rosanna Lockwood.

Dombrovskis stated that the EU's financial assistance for Ukraine must exceed the current 1.2 billion euros ($1.34 billion) operation, and the specific amount needed would be discussed with the International Monetary Fund.

An emergency meeting will take place in Brussels at 8 p.m. local time on Thursday, with the 27 heads of state of the EU gathered to discuss new sanctions against Moscow, which will be presented by von der Leyen.

Von der Leyen stated that the EU will target strategic sectors of the Russian economy by blocking access to key technologies and markets. Additionally, the EU aims to weaken Russia's economic base and its capacity to modernize by freezing Russian assets in the EU and stopping the access of Russian banks to the European financial market.

Charles Michel, the European Council President, stated earlier Thursday morning that the heads of state will adopt these measures "swiftly" during the meeting in Brussels.

The EU has announced plans to impose additional sanctions on Russia, following an initial package of measures that included sanctioning Russia's Defense Ministry and Putin's chief of staff.