The European Union, at an emergency overnight summit, approved a package of “massive and targeted” sanctions on Russia. The move comes after Russia mounted an invasion and attack on Ukraine on Thursday via land, air, and sea, after Russian President Vladimir Putin announced a “special military operation.” As of late Thursday, at least 137 people have been reported killed in the attacks. At a news conference on Russia’s military operation in Ukraine, European Commission President Ursula von der Leyen said the sanctions encompass five pillars: the financial sector, the energy sector, the transport sector, export controls and financing, and visa policy. The financial sanctions will “cut Russia’s access to the most important capital markets,” she said. “We’re now targeting 70 percent of the Russian banking market, but also key state-owned companies including the field of defense. And these sanctions will increase Russia’s borrowing costs, raise inflation, and gradually erode Russia’s industrial base.” …