EU leaders are in the process of completing the final aspects of a 12th set of sanctions against Russia, which will involve prohibiting the trade of diamonds, according to EU foreign policy leader Josep Borrell’s statement on Monday.

According to Borrell, the European Commission, which is the executive branch of the EU, may give its approval to the proposed package on Wednesday. After that, the package will be brought to the Council of the EU, made up of 27 member countries, for further discussion and approval.

Following the Russian invasion of Ukraine in February 2022, the EU has implemented 11 sets of sanctions against Moscow in order to limit the Kremlin’s ability to fund the ongoing war. These sanctions cover various industries and target approximately 1,800 individuals and organizations.

“The 12th package will contain fresh restrictions on exports, including diamonds, measures to reinforce the oil price limit with the aim of reducing Russia’s profits from oil sales to countries other than our own, and efforts to combat circumvention,” stated Borrell during a press conference following a gathering of EU foreign ministers.

Last week, EU diplomats informed Reuters that the 27 countries in the bloc were waiting for approval from the G7 to implement a ban on diamonds. A representative from the EU stated that a proposal from the European Commission for the ban would be presented to the 27 governments for discussion “early next week”.

Borrell stated that the final touches are being completed for this package.