European Union freezes assets of Putin and Foreign Minister Lavrov

• The European Union is freezing the assets of Putin and Foreign Minister Lavrov.
• Latvia's foreign minister made the announcement on Friday as Russia pushes towards Kyiv.

The European Union on Friday approved freezing the assets of Russian President Vladimir Putin and Foreign Minister Sergei Lavrov, Latvia's foreign minister said.

"EU Foreign Affairs Council has adopted the 2nd sanctions package, asset freeze includes President of Russia and its Foreign Minister. We will prepare the 3d package," Foreign Minister Edgars Rinkēvičs said on Twitter.

Josep Borrell, the EU's High Representative of the Union for Foreign Affairs and Security Policy, confirmed the action during a press conference on Friday.

Borrell said Putin joins Syrian President Bashar al-Assad and Belarusian President Alexander Lukashenko in being the only world leaders sanctioned by the EU.

"We will also target those in Belarus those who collaborate with the Russian military aggression against Ukraine," Borrell said.

An unnamed EU official told Reuters that a third round of sanctions could target "many more" Russian oligarchs.

"We are moving as quickly as we can," the EU official told Reuters.

Freezing the assets of Putin and Lavrov is a step further than the US has gone as far as placing sanctions.

President Joe Biden on Thursday announced a second round of sanctions targeting four major banks and Russian elites, and said the new sanctions would restrict Russia's largest state-owned enterprises.

"We have purposely designed these sanctions to maximize the long-term impact on Russia and minimize the impact on the United States and our allies," Biden said.

The new round of US sanctions followed a Tuesday announcement from Biden, who said the US has "cut off Russia's government from Western financing."

The EU unveiled its first round of sanctions on Wednesday, targeting 351 Russian lawmakers, 27 individuals and entities.

Its measures also include freezing assets and banning any of sanctioned elites from entering or traveling through EU territory.

Other countries like the UK, Japan, and Australia have hit Russia with their own sanctions over its attacks against Ukraine.

The EU's latest move comes as Russian forces close in on Ukraine's capital city of Kyiv, which was rocked by explosions on Friday.