Schallenberg: Exchanges closed, ruble plunging

The European Union is working on the fourth package of sanctions against Russia due to its military operation in Ukraine, Austrian Foreign Minister Alexander Schallenberg said, Report informs, citing TASS.

The minister said the EU foreign ministers would meet US Secretary of State Anthony Blinken on Friday.

Schallenberg noted that the restrictive measures against Russia have already resulted in closing stock exchanges and a sharp decline in the Russian ruble. He said it was the first time that the European Union showed its muscles.

The foreign minister says the new sanctions will affect major businesspeople, with special lists already under development.

The next goal will be oligarchs, he said.

The minister also noted that other sanctions might also be put in place, without elaborating the areas which they might cover.