International concerns have been raised about events in Ukraine and, at a hastily-convened meeting in Brussels, EU foreign ministers are to decide whether to call for sanctions.
Until now they have been sceptical about the effectiveness of targeted bans to spur change in the country.
Meanwhile European Investment Bank President
Werner Hoyer has already announced the freezing of the bank’s involvement in projects such as a metro line extension.
“We have for the time being stopped our activities because it is necessary to wait and see what the economic and political developments in the country will be. And we align fully with the European External Action Service and the Foreign Affairs Council of the European Union,” announced Hoyer.
Opinion seems to be leaning towards the EU backing sanctions to penalise Ukraine’s crackdown.
Reporting for euronews James Franey, said:
“It seems like such a long time ago that protesters were descending onto Maidan square in Kiev waving EU flags, but since then the bloc has struggled to remain relevant and able to influence events in its own backyard. And even if EU foreign ministers decide that sanctions are the next step to solve this crisis, for most of the demonstrators it will be too little too late.”