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European Union officials are finalizing the "final details" of a proposed 12th package of sanctions against Russia to be approved this week.
Borrell stressed that the 12th package of sanctions will include more listings, new export bans, among them diamonds, actions to tighten the oil price cap in order to reduce the revenue that Russia is receiving.
"We are finalizing the last details of this package. It will be drawn up by a Council decision, which will then adopt the relevant decisions, and a Council regulation, which will give instructions to member states on how to implement these decisions.
This Council regulation can be approved on Wednesday with a joint proposal that I and the European Commission will present to the Council," said Borrell.
According to foreign media, the new package may include more than 100 individuals and 40 legal entities. There are also discussions about banning the employment of Russians in so-called sensitive sectors and repatriating Russian assets to the EU.
Discussions on new sanctions continued after G7 foreign ministers gave the green light to impose restrictions on Russian-origin diamonds at a meeting in Japan.
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