The sanctions package of more than 140 people and companies was adopted by the European Union on Monday, and primarily targets Moscow's military and defense sectors, with more than 40 companies hit that are part of the Kremlin's military industrial complex and seven that are private Russian military companies.
It also bans the import of Russian diamonds, aligning the EU with an internationally coordinated G7 ban on the luxury mineral, which is estimated to be a $4.3 billion annual revenue stream for the regime of Russian President Vladimir Putin.
A ban on raw materials for steel production, processed aluminum products and other metal goods is also included in the package as are restrictions on dual-use and advanced technological and industrial goods.
A new ban on liquified petroleum gas was also included among the slew of punitive measures introduced Monday as are new initiatives to be implemented to monitor the sale of oil tankers to third countries in an attempt to restrict the so-called shadow fleet of vessels used by Russia to circumvent an international oil price cap.
Among individuals sanction include those in Russia's information technology and economic sectors as well as 14 members of the Central Election Committee of the Russian Federation and 12 Belarusians accused of being involved in providing Russia with military support.
With Monday's additions, the 27-member block has blacklisted nearly 1,950 people and entities accused of being connected to Russia's nearly two-year-old war in Ukraine. The measures general freeze the assets of those designated and forbid funds from being made available to them. It also includes a travel ban, preventing them from entering or traveling through the EU territories.
"With this 12th package, we are putting forward a robust set of new listings and economic measures, which will further weaken Russia's war machine," Josep Borrell, the EU's high representative for foreign affairs and security policy, said in a statement.
"We remain steadfast in our commitment to Ukraine and will continue to support its fight for freedom and sovereignty."
The EU has been among Western governments to consistently tighten its financial vises on Russia's ability to make war, forcing it to seek assistance from countries such as North Korea and Iran to fill its dwindling arsenal.
Russia's embassy to the EU lashed out at the lawmakers over the punitive measures, which it described as "extraterritorial illegitimate restrictions, political blackmail, neocolonial approaches and forcing third countries into relationships based on the principle 'whoever is not with us is against us.'"
It also rebutted the idea that the sanctions have worked, stating its economy had not been torn to shreds nor has it been isolated on the international stage, while also trying to appeal to the EU public.
"On the eve of the New Year, from our side, we want to assure ordinary Europeans that we are still interested in living with them in peace and mutual understanding based on respect for each other's interest," it said in a statement.
"However, as long as the EU political establishment -- evident in this 12th 'package' -- continues to dream of 'choking' us with sanctions, building relations with the EU that meet Russian interests does not seem possible."
Meanwhile, President Volodymyr Zelensky of Ukraine said in a statement that he welcomes the package against Russia, while reiterating that Moscow "must feel the pressure from the free world, as well as the cost of aggression, is increasing."
He added that it is also critical for existing sanctions regimes to be enforced.
"Neither the aggressor nor any criminal supporting it in evading sanctions should be able to get around the restrictions," he said on X, formerly known as Twitter.
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