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The European Union on Tuesday proposed an 18th package of sanctions against Russia, particularly targeting oil exports and the banking sector, as Moscow's war on Ukraine continues.

Speaking at a press conference with EU foreign policy chief Kaja Kallas in Brussels, European Commission President Ursula von der Leyen said new measures would primarily target Russia's energy and banking sectors, adding that "strength is the only language that Russia will understand."

She stressed that Russia's economy is already reeling, with oil and gas revenues falling by nearly 80% and the central bank's €210 billion reserves frozen.

The new sanctions package includes lowering the oil price cap from $60 to $45 per barrel and banning imports of refined products based on Russian crude. The EU will also blacklist 77 more vessels linked to Russia's so-called "shadow fleet."

In the financial sector, the EU proposed expanding the SWIFT ban to 22 additional Russian banks and extending restrictions to financial operators in third countries that help circumvent sanctions.

A further €2.5 billion worth of export bans will hit key industrial goods, machinery, metals, chemicals, and dual-use technologies, especially those used in drone and missile production. The EU also plans to sanction 22 companies supporting Russia's military industry.

Von der Leyen reiterated the EU's demand for a full and unconditional cease-fire of at least 30 days, underlining that "the war must end."

"Every sanction weakens Russia's ability to fight, so Russia wants us to believe that they can continue this war forever. This is not simply true," Kallas said, adding that Russia's economy is "shrinking," its GDP has dropped, and it has already lost tens of billions in oil revenue.

Kallas said sanctions targeting the "shadow fleet" had particularly impacted Russia's oil exports, with a 30% decline in Black Sea and Baltic Sea shipments in just one week following the EU's 17th sanctions package adopted in May.