The European Commission president, Ursula von der Leyen, said in her statement that Russia “has shown the full extent of its contempt for diplomacy and international law” over the last month, as she criticised the largest-scale drone and missile attacks on Ukraine.

She specifically referenced the Russian strikes on Kyiv that hit the EU office in the capital, and Russian drone incursions into Poland and Romania.

These are not the actions of someone who wants peace.

The 19th package of sanctions comes in response to this “escalation” from Putin, she explained, as she outlined the key elements of what’s being proposed.

She says the EU will “want to cut” Russia’s revenues from fossil fuels, banning imports of Russian LNG into European markets.

118 additional vessels from the Russian shadow fleet will get added to the sanction list, which totals 560 vessels.

She added that “major energy trading companies Rosneft and Gazpromneft will now be on a full transaction ban,” and “other companies will also come under asset freeze.”

Crucially, the new package will also target “refiners, oil traders, petrochemical companies in third countries, including China” who are alleged to be “purchasing oil in breach of the sanctions.”

“In three years, Russia’s oil revenues in Europe have gone down by 90%. We are now turning that page for good,” she said.

The package will also look at closing “the financial looppholes,” von der Leyen said, adding that it will bring forward “a transaction ban on additional banks in Russia and on banks in third countries.”

“We are stepping up our crackdown on circumvention. As evasion tactics grow more sophisticated, our sanctions will adapt to stay ahead. Therefore, for the first time, our restrictive measures will hit crypto platforms, and prohibit transactions in crypto currencies. We are listing foreign banks connected to Russian alternative payment service systems. And we are restricting transactions with entities in special economic zones.”

The package will also “add new direct export restrictions for items and technologies used on the battlefield,” with 45 companies in Russia and third countries to be affected.

“These companies have been providing direct or indirect support to the Russian military industrial complex. In a war driven by innovation, cutting off Russia’s access to key technologies is crucial. Above all when it comes to drones,” she said.

Von der Leyen also said that while Russian frozen assets “will not be touched,” Ukraine will get reparations loans, to be repaid by future Russian repearations. “We will come forward with a proposal soon,” she said.

“Faced with Russia’s escalation, Europe stepped up to the challenge. We will continue to use all the tools at our disposal to bring this brutal war to an end.

I now call on the Member States to quickly endorse these new sanctions.

We want Russia to leave the battlefield and come to the negotiating table. This is the way to give peace a real chance.”