The 27 member states of the European Union on Friday agreed upon an 18th round of sanctions on Russia over its full-scale invasion of Ukraine.

Slovakia had been holding up the decision, citing concerns over its gas imports. But Slovakian Prime Minister Robert Fico relented, saying he had instructed representatives to approve the measures. 

Fico said that persisting would be "counterproductive" for Slovakia's interests as an EU member.

EU, Germany, Ukraine welcome new sanctions

"The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said.

"Each sanction weakens Russia's ability to wage war. The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war."

German Chancellor Friedrich Merz said the decision "weakens Russia's ability to continue financing the war against Ukraine."

Ukrainian President Volodymyr Zelenskyy also welcomed the sanctions.

"This decision is essential and timely, especially now, as a response to the fact that Russia has intensified the brutality of the strikes on our cities and villages," he said on social media. 

What do the new EU sanctions on Russia target?

The sanctions package targets Moscow's financial and energy sectors. It comes after US efforts toward a ceasefire in Ukraine failed to materialize. 

The EU has agreed to lower the price cap on Russian oil exported to third countries to 15% below market value. This is meant to reduce Russia's income by banning shipping and insurance companies that let Russia sell above the cap.

The cap was originally a G7 initiative, but the US is not party to the EU's new sanctions. EU officials have admitted this weakens their impact.

Brussels has issued several rounds of sanctions on Russia since Putin launched Moscow's full-scale invasion of Ukraine in February 2022.

More than 2,400 officials and "entities" have been hit with asset freezes and travel bans.

But each round of sanctions is getting harder to agree upon, as measures targeting Russia begin to hit the economies of the 27 member states.

In May, the block targeted almost 200 ships in Russia's sanction-busting shadow fleet of tankers. Friday's measures added another 100 ships to that list.

Edited by: Alex Berry