The European Union council president, Charles Michel, has confirmed that the EU has agreed to ban more than two thirds of Russian oil imports. The block also agreed on measures targeting Russia's largest bank and three state-owned broadcasters.

Elsewhere, Chelsea Football Club is sold for more than $5 billion US dollars to an American investment consortium led by Todd Boehly.

Sam Fenwick is joined by University of Maryland economist Peter Morici and entrepreneur and real estate investor Kanwal Malik in Karachi, Pakistan, to discuss the big business stories of the day.

(Image: European Council Meet In Brussels For Special Meeting. Credit: Getty Images)