Gas pipelines between Russia and the EU in 2006 (photo: Reuters)

It aims to lay maximum pressure on Russia to end its military operation by cutting a huge financial source of Russia.

The head of the EU's executive, Ursula von der Leyen, said the move "will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year" as Germany and Poland had committed to renounce deliveries via a pipeline to their territory. 

Michel said the package also involved disconnecting Russia's biggest bank Sberbank from the global SWIFT system, banning three state broadcasters and blacklisting individuals.