European Union flags fly outside the European Commission in Brussels, Belgium, November 8, 2023. (Photo: Reuters)

The new package includes a direct ban on Russian non-industrial diamond imports from January 1 and a phased ban on diamond imports from third countries starting March in alignment with the Group of Seven (G7) countries.

Other measures include tightening the proof required from companies who claim to adhere to the G7 Russian oil price cap and added measures to prevent Russia from obtaining dual-use goods.

While members all agreed on the text of the package earlier this week, Austria held back its final approval until late Thursday, diplomatic sources said. Austria said on Wednesday it needed time to examine the legal texts.

The EU has been adding sectoral and individual sanctions since the Russia-Ukraine conflict broke out in February 2022.