Global stock markets and the pound fall following the invasion of Ukraine Business

VSRussia’s exit from the global interbank payments system SWIFT, one of the toughest measures the West can impose, is unlikely to be accepted at this stage, Reuters reported.

Differing levels of reliance on Russian gas across EU member states could make it difficult to pass sanctions or limit their ambition, with some wanting a gradual approach.

Italy, Germany and Cyprus are among those who prefer a step-by-step approach, while Central European and Baltic states – closest to Russia – want a tougher stance.

“We support the most serious sanctions package against Russia,” said Slovenian Prime Minister Janez Jansa, wearing a tie in the yellow and blue colors of the Ukrainian flag. “Russia must feel that the price of aggression is high.”

The EU on Wednesday approved a first round of sanctions, including blacklisting Russian politicians and restricting trade between the EU and two breakaway regions in eastern Ukraine which Moscow has acknowledged as having independence.