European Commission President Ursula von der Leyen disclosed some details of the sanctions Moscow would face if it invaded Ukraine, saying Russia would be cut off from international financial markets and denied access to major export goods.

“Russia would in principle be cut off from the international financial markets. Sanctions would be imposed on all goods we make that Russia urgently needs to modernise and diversify its economy, where we are globally dominant and they have no replacement.

The move to sanctions is so enormous and consequential that we know we must always give Russia a chance to return to diplomacy and the negotiating table. This window is still open”, - she said.

But Von der Leyen, who heads the 27-member European Union’s executive, said Russia’s reliance on fossil fuel exports was its weakness.

“They make up two thirds of its exports, and half of the Russia budget comes from them. Russia needed to modernise, and precisely that would no longer be possible if further sanctions were raised”, - she added.