The European Union (EU) formally adopted new economic sanctions against Russia over its actions in Eastern Ukraine on Monday, European Council President Herman Van Rompuy said.

Some reports had indicated that the new measures include restrictions on large Russian state-owned oil companies raising funds on European financial markets.

Like Us on Facebook

The measures were aimed at "promoting a change of course in Russia's actions deztabilising Eastern Ukraine", Rompuy added.

The new sanctions will occur in the next few days. The delay would leave time for "an assessment of the implementation of the ceasefire deal and the peace plan", Rompuy said in a statement.

According to reports, the measures will not push through unless they are published in the EU's official journal and the sanctions could still be suspended if the ceasefire holds.

Ukraine and pro-Russian separatists agreed to an immediate ceasefire and exchange of prisoners last Friday. However, both parties are still observing a fragile truce.

An EU diplomat said that the new sanctions will hit giant oil producers and pipeline operators in Russia such as Rosneft, Transneft and Gazprom Neft. However, the gas sector, which supplies Europe's energy, is not included in the latest sanctions.

New restrictions prohibit Russia's largest state-owned oil firms from using European markets to increase capital for daily operations and critical investments, the Diplomats added.

Moreover, the 28-nation EU bloc also agreed to impose more asset freezes and travel bans on suspicious officials that plays an important role in forming Putin's policies in the Ukraine crisis.

Because of the new European Union sanctions over Russia, the country announced that it could block international flights through its airspace if the EU imposes the sanctions this week. The action would mainly hit Western airlines, reports said.

TagsEU, Russia, economic sanctions, U.S., Russia, Ukraine