The EU is imposing a raft of tough new sanctions against Russia as the bloc steps up pressure on Moscow to halt its aggression.

Some Russian banks will be blocked from the SWIFT payments system and the EU has already cut off Russian central bank transactions and frozen its assets.

EU airspace is eing closed to Russian airlines - including the private jets of oligarchs.

"We are proposing a prohibition on all Russian-owned, Russian registered or Russian-controlled aircraft,” said Ursula von der Leyen, the European Commission President.

"These aircraft will no more be able to land in, take off or overfly the territory of the EU.”

Russia's flag carrier Aeroflot has cancelled all of its flights to Europe.

A Kremlin spokesperson has said that Moscow "will retaliate" over the sanctions targeting the aviation industry. Russia is expected to block more European carriers from its airspace.

The new, harsher measures from the EU follow calls from Ukraine for much more help and tougher action on Moscow, as it continues to grapple with the invasion, and lives are lost.

While the steps will also have implications for European countries, the EU believes that the need of the hour is to hit Russia's economy hard and limit its ability to finance war.

The EU is also targeting the Kremlin's media machine, as it works towards blocking Russia Today and Sputnik.

But it is the EU's plans to provide $500 million of weapons to Ukraine that officials are describing as a "watershed moment."

Ms von der Leyen said the EU would for the first time in its history "finance the purchase and delivery of weapons and other equipment to a country that is under attack."

"Putin's war is not only against Ukraine," said Josep Borrell, High Representative of the EU for Foreign Affairs and Security Policy. “We need to understand the gravity of the situation for Europeans and global security.”

NATO says its allies are stepping up support with air-defense missiles and anti-tank weapons.

Europe, meanwhile, is preparing for the influx of millions of refugees and the EU is easing asylum rules for them, as Ukrainians continue to flee for their lives.

“We welcome with open arms those Ukrainians who have to flee from Putin's bombs and I am proud of the warm welcome that Europeans have given them,” said Ms von der Leyen.

“We are mobilising every effort and every euro to support our Eastern member states – to host and take care of these refugees.”