(MENAFN- IANS) London, Oct 25 (IANS) European leaders and NATO's chief vowed to step up sanctions on Russia and accelerate the delivery of long-range strike and air defence weapons to Ukraine following a "Coalition of the Willing" meeting in London.

British Prime Minister Keir Starmer and other European leaders held a joint press conference after the meeting, saying the coalition aims to gradually phase out Russian oil and gas from the global market and channel frozen Russian assets into funding Ukraine's reconstruction.

Starmer said Britain had taken the lead in fully sanctioning Russian oil and gas, followed by the United States and the European Union. He announced that Britain plans to supply Ukraine with more than 5,000 lightweight multirole missiles, with 140 delivered ahead of schedule, reports Xinhua news agency.

On Thursday, European Commission President Ursula von der Leyen said EU member states had approved the bloc's 19th round of sanctions against Russia, which include targeting the country's natural gas sector for the first time. The sector is a pillar of Russia's economy.

This comes days after the US Treasury Department on Wednesday announced sanctions on Russia's two largest oil producers, Rosneft and Lukoil, in a bid to pressure Moscow to agree to an immediate ceasefire in Ukraine.

Russian President Vladimir Putin, in response, said that new US sanctions on Russian oil companies will not significantly impact Russia's economic health.

Putin called the sanctions "an attempt to put pressure on Russia" and "unfriendly," adding that they do not strengthen Russia-US relations.

Commenting on US President Donald Trump's remarks on Wednesday that he had cancelled his planned meeting with Putin, the Russian president said Russia has always supported continued dialogue.

He added that it would be a mistake to approach the Russia-US summit without preparation.

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