Brussels: The European Commission announced today a new package of economic sanctions against Russia in response to its ongoing military operation in Ukraine.

According to Qatar News Agency, European Commission President Ursula von der Leyen stated during a press conference that this marks the 18th sanctions package proposed by the Commission. The new measures aim to target Russia's energy revenues, banking sector, and military industry.

Von der Leyen emphasized that Russia's goal is not peace, but dominance through force, and highlighted the EU's intention to block illicit flows of Russian crude oil into the European market.

The Commission is proposing to add 22 Russian banks to the EU sanctions list and expand restrictions beyond excluding Russia from the SWIFT financial system to a total ban on transactions with those institutions. It is also calling for a ban on transactions with the Russian gas pipeline company Nord Stream and banks accused of evading sanctions. The proposal further includes extending restrictions to banks in third-party countries and incorporating the Russian Direct Investment Fund (RDIF), its subsidiaries, and its wider network.

In addition, the Commission has proposed lowering the G7-imposed price cap on Russian crude oil from $60 to $45 per barrel in an effort to further reduce Russia's energy revenues.