European Council President Charles Michel said in a tweet that he welcomed the ministers’ agreement on the new funding, which will be disbursed via an EU fund called the European Peace Facility (EPF).

The EU has also agreed on a new sanctions package against Russia targeting 48 people, including a Deputy Prime Minister and nine organizations.

Minister of Foreign Affairs of Hungary, Péter Szijjártó said the EU plans to impose an embargo on Russian gold and put additional restrictions on procurement, deposits, and audit and consulting services related to Russia. The new restrictions do not affect energy supplies and Gazprombank, through which Europe pays for Russian gas supplies.