Reuters also reported that the commission is set to adopt new sanctions against Russia that will target machinery, chemicals and gold trade.

Last month, the EU approved the sixth package of sanctions against Moscow. The new package will affect only oil deliveries by sea, while oil coming through the Druzhba pipeline is not subject to restrictions. The bloc also decided to de-SWIFT three more Russian banks — Russia’s largest bank Sberbank, Credit Bank of Moscow, and Russian Agricultural Bank. Europe does not exclude the introduction of the seventh package, which may include an embargo on the supply of Russian gas.

The US and its allies have imposed economic sanctions on Russia shortly after Moscow launched its military operation in Ukraine on February 24 and proceeded with freezing Russian assets throughout Europe. The foreign exchange reserves of the Russian central bank worth hundreds of billions of dollars have been arrested as well, with European officials calling on introducing measures to confiscate the assets and allocate them for the rebuilding of Ukraine.

Russian President Vladimir Putin said in March that weakening Russia was a long-term strategy of the West, adding that its sanctions had dealt a serious blow to the entire global economy.