Brussels [Belgium], October 23 (ANI): The European Union has formally adopted its latest sanctions package against Russia, EU High Representative Kaja Kallas announced on Thursday after a meeting in Brussels of the leaders of the bloc's member countries.

The move comes a day after US President Donald Trump's administration announced new sanctions against Russia's oil industry. The US sanctions hit Rosneft and Lukoil, Russia's two largest oil companies, which Washington said play a central role in financing the Kremlin's war effort.

'We just adopted our 19th sanctions package. It targets Russian banks, crypto exchanges, entities in India and China, among others,' the EU foreign policy chief posted on social media platform X.

She said that 'The EU is curbing Russian diplomats' movements to counter the attempts of destabilisation.'

Kallas added that 'It is increasingly harder' for Russian President Vladamir Putin 'to fund this war' against Ukraine, which began in February 2022.

The 19th package was presented by the European Commission on September 19.

The EU Commission President Ursula Ursula von der Leyen also took to X today to post about the EU member states approving sanctions against Russia.

'We're keeping the pressure high on the aggressor. For the first time we are hitting Russia's gas sector - the heart of its war economy. We will not relent until the people of Ukraine have a just and lasting peace,' von der Leyen said.

The meeting of EU leaders in Brussels today was chaired by Antonio Costa, President of the European Council. The EU leaders met to discuss Ukraine in the presence of Ukranian President Volodymyr Zelenskyy as well as European defence, recent developments in the West Asia, competitiveness, housing and migration. A Euro Summit in inclusive format was also held on the sidelines of the meeting.

The 19th package of sanctions against Russia over its war against Ukraine introduces a ban on imports of Russian liquefied natural gas (LNG).

The LNG ban will take effect in two phases: short-term contracts will expire after six months, and long-term agreements will end on January 1, 2027 -- one year earlier than the European Commission's original timeline to end reliance on Russian fossil fuels.

In a statement, von der Leyen said 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, including Russian strikes that hit the EU office in Kyiv, and Russian drone incursions into Poland and Romania. 'These are not the actions of someone who wants peace,' she said.

'Russia's war economy is sustained by revenues from fossil fuels. We want to cut these revenues. So we are banning imports of Russian LNG into European markets. It is time to turn off the tap' the statement by EU Comission President on the 19th package of sanctions against Russia read.

The EU also blacklisted over 100 additional vessels from Russia's 'shadow fleet' of aging tankers used to evade oil export limits.

'To strengthen enforcement, we are now sanctioning 118 additional vessels from the shadow fleet. In total, more than 560 vessels are now listed under EU sanctions. Major energy trading companies Rosneft and Gazpromneft will now be on a full transaction ban. And other companies will also come under asset freeze,' von der Leyen said.

'We are now going after those who fuel Russia's war by purchasing oil in breach of the sanctions. We target refineries, oil traders, petrochemical companies in third countries, including China,' she said.

'In three years, Russia's oil revenues in Europe have gone down by 90%. We are now turning that page for good,' the EU Commission President said in a statement.

The package will also look at closing 'the financial loopholes' that Russia uses to evade sanctions, the President of the Commission said, adding the EU would 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 an additional 45 companies in Russia and third countries to be listed.

'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 would get reparations loans, to be repaid by future Russian reparations. 'We will come forward with a proposal soon,' she added. (ANI)