The European Union (EU) wants to cut all links between Russia and the global financial system, France's finance minister said on Friday, after the bloc agreed on new sanctions against Russia over its military operations in Ukraine.

The EU "wants to cut all the links between Russia and the global financial system," Bruno Le Maire said at the start of a meeting of European finance ministers, AFP reported.

"We want to isolate Russia financially ... We want to dry up the financing," he added.

(With input from AFP)