An oil storage facility in Russia (Photo: Sputnik)

It was the 8th package of sanctions the EU has imposed on Russia since Russia began its special military operation in Ukraine in February.  

The EU is extending its import ban on steel products that either originate in Russia or are exported from Russia. Further import restrictions are imposed on wood pulp, paper, and other goods from Russia. And providing architectural and engineering services, IT consultancy services, or legal advisory services to Russia is prohibited.

The EU will also impose a price cap on Russian oil and put dozens of Russian individuals on the blacklist. EU officials said, however, that many details still need to be discussed within the G7 and the EU before introducing a price cap related to the maritime transport of Russian oil to third countries.

Details on the actual pricing mechanism have not been agreed, which means the EU's decision is only the first step toward imposing a price ceiling.