In January, Budapest, which has maintained close ties with Moscow through the war, held up the renewal of the economic sanctions that include the immobilisation of Moscow's central bank assets. An agreement was reached after the European Commission agreed to include Hungary in talks about resuming gas transit to the EU through Ukraine.

EU foreign ministers adopted a 16th package of sanctions against Russia on, which targets a cryptocurrency exchange for the first time, a Council statement said.

The EU’s most extensive sanctions package, alongside new UK measures, aims to cripple Russia’s war efforts, tighten energy restrictions, and combat sanctions evasion as the war in Ukraine enters its fourth year.

Earlier, Prime Minister Keir Starmer said the package would be Britain's largest against Russia since the early days of the Ukraine war, including more measures against vessels used to help Russia evade sanctions and targeting companies in China and elsewhere who supply military components.

The European Union's latest sanctions against Moscow include a ban on third-country airlines flying to the 27-nation bloc if they carry out domestic flights in Russia, the European Commission said on Monday.

The European Union officially approved its 16th package of sanctions imposed against Russia in response to its full-scale invasion of Ukraine. The new measures, announced on the third anniversary of the all-out war,

European Commission President Ursula von der Leyen will ask for Indian Prime Minister Narendra Modi’s assistance to enforce sanctions on Russia when the two leaders meet this week in New Delhi.

EU foreign ministers on Monday approved a 16th package of sanctions against Russia, two diplomats said. Diplomats last week said the sanctions would include a ban on primary aluminium imports, the sale of gaming consoles and the listing of 73 shadow fleet vessels.