EU High Representative for Foreign Affairs and Security Policy Josep Borrell. (Photo: EPA)

"This package of sanctions that has been approved by unanimity by the member states will hurt Russia, and it will hurt a lot," EU High Representative for Foreign Affairs and Security Policy Josep Borrell told a news conference alongside France's foreign minister Jean-Yves Le Drian at a meeting in Paris.

The sanctions will blacklist more politicians, lawmakers and officials, ban EU investors from trading in Russian state bonds, and target imports and exports with separatist entities.

Mr. Borrell said the EU would impose more sanctions if the conflict continues to escalate. The sanctions will target banks that finance Russian policymakers and other activities in Donbass.

He said the EU will target the economic relations of Donetsk and Luhansk, but the sanctions will not apply to President Vladimir Putin. The EU is ready for dialogue with Russia, but not in the event of a military threat, he added.