The EU has agreed on the eighth package of sanctions against Russia, which introduces new EU import bans worth EUR 7 billion to limit Russia's revenues, as well as restrictions on exports, according to the website of the European Commission.

"The Commission welcomes the Council's adoption of an eighth package of hard-hitting sanctions against Russia for its aggression against Ukraine. This package – which has been closely coordinated with our international partners – responds to Russia's continued escalation and illegal war against Ukraine, including by illegally annexing Ukrainian territory based on sham 'referenda,' mobilising additional troops, and issuing open nuclear threats," the report notes.

It is also noted that the sanctions also deprive the Russian army and its suppliers from further specific goods and equipment needed to wage its war on Ukrainian territory. The package also lays the basis for the required legal framework to implement the oil price cap envisaged by the G7.