Simultaneously, discussions between the U.S. and Russia are ongoing to resolve the Ukraine conflict, raising questions about the potential easing of sanctions by the U.S.

U.S. Secretary of State Marco Rubio has indicated that Europe will eventually need to join negotiations regarding sanctions, but the EU has opted to proceed with additional sanctions instead.

A diplomatic source has reiterated the EU's commitment to supporting Ukraine and maintaining sanctions against Russia to uphold international rules and territorial integrity.

Concerns have been raised about a 'phantom fleet' of approximately 600 vessels, sailing under flags of non-sanctioning countries, which are used to transport Russian oil and arms.

The number of these ghost tankers has surged since the Russian invasion, with around 430 vessels identified globally as part of this fleet.

In addition to the shipping sanctions, over 80 individuals and organizations will face travel bans and asset freezes for their involvement in the aggression against Ukraine.

The European Union is set to impose a new sanctions package against Russia, targeting ships involved in transporting Russian crude oil to Indian and Chinese refineries, as well as arms shipments to Russia.

This sanctions package, which includes stricter measures for the financial sector, will exclude 13 additional banks from the SWIFT system and prohibit three financial institutions from conducting transactions.

The sanctions are scheduled to take effect on February 26, 2025, coinciding with the third anniversary of Russia's invasion of Ukraine.

These sanctions come amid increased pressure from the U.S. for Europe to engage in talks with Russia regarding the war, following a recent meeting that excluded Ukrainian representatives.

French President Emmanuel Macron has described Russia as posing an 'existential threat' to Europe, emphasizing the gravity of the situation amid ongoing geopolitical tensions.

The nearly three-year-long conflict has resulted in significant destruction of infrastructure in Ukraine and an undetermined number of civilian and military casualties.