Europe close: Stocks end mostly lower as Brussels weighs new sanctions on Russia
European shares finished mostly lower after the European Union unveiled a new sanctions package against Moscow, including a ban on Russian trucks and ships entering the bloc, after evidence emerged of war crimes in Ukraine.
"There's no end to the uncertainty, which makes the resilience we're seeing in stock markets all the more impressive," said Craig Erlam, senior market analyst at Oanda.
"Europe and the US continue to tighten sanctions against Russia, albeit with the EU still held back by its over-reliance on oil and gas. Recent events suggest the Kremlin remains undeterred even if negotiations continue to take place. It's hard to be particularly optimistic on that front but we live in hope."
The pan-European Stoxx 600 was up 0.19% at 463.07, with most regional bourses slipping into the red as traders searched for direction.
Spain's Ibex 35 was the main exception, adding 1.2% to 8,623.3.
Front month Brent crude oil futures slipped 1.72% to $105.68 per barrel on the ICE while the US dollar dipped 0.1% to 83.85 versus the Russian rouble.
US President Joe Biden was reportedly also set to introduce new measures against Moscow in response to the killings.
Russia's latest sovereign bond coupon payments were stopped by the US Treasury overnight, pushing the country closer to a historic default if it fails to pay within the grace period.
The country was due to make a principal payment of more than $550m on a maturing bond as well as an $84m interest payment on Monday. This would stop it from making the payments through US banks and force it to use dollars reserves.
Oil prices were around 1% higher to keep them over the $100 mark.
In equity news, shares in Vestas Wind Systems jumped as the company unveiled a new 7.2-MW turbine model for low-to-medium wind conditions.
Siemens Gamesa Renewable Energy was also sharply higher as green energy-related stocks gained favour against fears of a supply disruption from the Ukraine war.