MILAN (Reuters – Russian-exposed companies were the most affected by selling pressure on European equity markets Thursday, after Russian forces invaded Ukraine. This raised the possibility of harsher sanctions.

Shares in London-listed mining companies Polymetal, Evraz and Polish clothing firm LPP were among the worst hit. Also, OTP and Raiffeisen banks, as well as Uniper, a German energy trader, and OTP banks. They were trading at a loss of between 10 to 36% as of 0944 GMT.

The London-listed shares of Russia’s biggest corporations by market value Sberbank, Gazprom (MCX), fell up to 77% and 42% during early trading. After recouping some losses, the stock was subsequently relisted. European stocks fell by 3%.

U.S. President Joe Biden said he was ready to impose’severe sanctions” in response the most serious attack on Europe by any state since World War Two.

Josep Borrell from the EU Foreign Affairs Ministry also promised to impose the harshest sanctions financial the bloc has ever implemented.

Biden orchestrated this week’s initial round of Western sanctions on Russian financial institutions, oligarchs, and exports. However, it was clear that Moscow will pay a higher price for continuing aggression.

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