EU leaders propose their sanctions on Russian energy

The US Treasury has confirmed that it will stop Russia from servicing its external debt with dollars held in the US banking system, forcing it to withdraw reserves at the central bank instead. Earlier Tuesday in Europe, European Union leaders proposed their first sanctions on Russian energy, albeit on coal, not on oil and gas exports that carry Russia most of its export earnings. Both measures were relatively modest, additional steps reflecting the still high level of reluctance in Europe to accept economic suffering as necessary to end the war, even after evidence emerged over the weekend of atrocities committed by Russian forces against Ukrainian civilians.