Over the Ukraine conflict, the European Union imposed a ban on Russian coal and the closure of the bloc's ports to Russian vessels on Thursday. The steps, according to a representative from the French presidency of the European Council, are the beginning of a "very substantial" fifth wave of penalties against Moscow.

A 10 billion euro (USD10.9 billion) embargo on exports to Russia, particularly high-tech goods, is also included in the package, as is the freeze of the assets of major Russian institutions.

Apart from the penalties, the EU accepted a proposal to increase money for weaponry shipments to Ukraine by 500 million euros, bringing the total to 1.5 billion euros. President of the European Council, Charles Michel, stated on Twitter that the package would be " swiftly approved."

The European Commission suggested new financial sanctions after the bodies of dozens Ukrainian civilians were found last weekend in Bucha, near Kyiv.

It's the first time the Europeans have attacked Russia's energy sector, which they rely on heavily.  The EU imports 4 billion euros worth of coal from Russia, accounting for 45 percent of total imports.

The embargo will go into effect at the beginning of August, 120 days after the new package is published in the EU's official journal, which is likely to happen on Friday.

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