A phased oil embargo has been announced by the European Union’s chief executive on Wednesday, media reports said.
This development seems to be the latest effort of the bloc to isolate Russia after it invaded Ukraine.
More Russian banks will also be hit with sanctions.
In an address to the European Parliament in Strasbourg, European Commission President Ursula von der Leyen announced the measures after 0630 GMT.
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These efforts must also be agreed by EU governments.
“We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets,” von der Leyen said.
The EU’s leader has also called on the bloc to support the move to ban oil imports.
The proposed measures include phasing out supplies of Russian crude oil within six months. It also looked to end the import of refined products by the end of the year.
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The sixth round of sanctions will also affect Russia’s top lender Sberbank, diplomats told Reuters.
It will also get excluded from the SWIFT messaging system.
At the EU level, the ban has not yet been properly discussed as the bloc heavily relies on Russian oil.
Meanwhile, the European Union has also proposed sanctions on the head of Russian Orthodox Church, news agency AFP reported, citing an official document.
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(With inputs from agencies)
