EU leader announces Russian oil embargo plans

The European Commission on Wednesday announced plans for a phased ban on all Russian oil by the end of the year, in a proposed sixth round of sanctions aimed at pressing President Vladimir Putin to end the invasion of Ukraine.

Why it matters: Russia is the world's second-largest crude oil exporter and Europe, unlike the U.S., is hugely reliant on Russian oil, gas and coal, per Axios' Ben Geman.

Ambassadors from the European Union's 27 member countries were expected to adopt the plans as early as this week, meaning the sanctions could soon become law, Reuters notes.

EU member states Hungary and Slovakia, which are highly dependent on Russian oil, would be given a longer window to phase down imports, according to the New York Times.