Brussels is aiming to present proposals on Wednesday, Nov. 15, for a new round of sanctions on Russia over the war in Ukraine, including banning Moscow's lucrative diamond exports, the EU's foreign policy chief said Monday.

The 27-nation bloc has already imposed 11 rounds of unprecedented sanctions on Russia since the Kremlin launched its all-out invasion of Ukraine in February 2022.

"This twelfth package will include more listings, new export bans, among them diamonds, actions to tighten the oil price cap in order to decrease the revenue Russia is getting," the EU's top diplomat Josep Borrell said.

The sanctions will then have to be approved unanimously by EU countries.

The EU is set to go ahead with a ban on Russian diamonds as Belgium, a key trading hub, has dropped long-standing opposition after the G7 thrashed out a plan to trace the origin of the precious stones.

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The push for new sanctions comes as the EU is struggling to put together a long-term plan to ensure funding for weapons to Ukraine.

Borrell in July proposed a 4-year scheme worth 20 billion euros ($21.4 billion) to finance arms deliveries to Kyiv.

But the initiative has failed to gain traction as key countries such as Germany have balked at paying for it.

Borrell said he hoped to present a revised plan for defence funding for Ukraine to EU leaders at a Brussels summit in December.

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