EU leaders to hold emergency summit on Ukraine crisis

The European Union announced an emergency meeting to be held on Thursday to discuss the crisis in Ukraine, shortly after the governmental bloc imposed an initial round of sanctions on Russia for declaring two breakaway regions in Ukraine independent.

European Union Council Chief Charles Michel sent a letter to EU leaders requesting to hold the emergency summit in Brussels, Belgium, to discuss how to best support Ukraine, deter Russia and hold the country responsible for what is now being called an invasion, Reuters reported.

Russian President Vladimir Putin on Monday declared independent the Donetsk People's Republic and the Luhansk People's Republic, two regions in eastern Ukraine where fighting has occurred since 2014. He then moved troops into the areas, sparking fears of a larger invasion.

President Biden announced sanctions against Russia on Tuesday, calling the troop movements "the beginning of a Russian invasion of Ukraine."

The EU sanctions approved on Wednesday include an import ban on goods from the breakaway regions, restrictions on the Russian government's capability to raise capital in the EU financial markets and a prohibition on supplying tourism services, among others, according to Reuters.

Australia, Canada and Japan have also slapped sanctions on Russia.

Russia warned that Americans will feel the "consequences" of sanctions.