The European Union is proposing a new package of "biting sanctions" against Russia, European Commission President Ursula von der Leyen announced on Wednesday at a press conference.

The proposed eighth sanctions package includes further import bans on Russian products and more export bans on key technology used for the military such as aviation items, electronic components and specific chemical substances, von der Leyen announced. 

Beyond this, the sanctions package will lay the legal basis for an oil price cap and ban EU citizens from sitting on governing bodies of Russian state-owned companies, she added.

(With input from Reuters)