The EU will lift all import duties on Ukrainian goods for a year, according to a decision that the capitals of member countries adopted on Tuesday.

"The Council (of the European Union) adopted today a regulation allowing for temporary trade liberalization and other trade concessions with regard to certain Ukrainian products," the EU institution announced in a statement.

Under the update, the bloc will no longer impose any import duties on Ukrainian goods for a period of one year, including industrial and agricultural products.

With the decision, the EU aims to support the Ukrainian economy and address global food insecurity.

The European Parliament approved the trade liberalizing move last week.

The EU has allocated €2 billion ($2.14 billion) in military aid to Ukraine and mobilized more than €4 billion in macro-financial assistance, humanitarian aid, and support to EU countries hosting refugees from Ukraine since the war began on Feb. 24.

It has also adopted five sets of sanctions against Russia, targeting individuals, including President Vladimir Putin and Foreign Minister Sergey Lavrov, banning the export of luxury goods and coal imports, and excluding Russian and Belarusian banks from the international payment system SWIFT.