EU proposes ban on Russian oil imports

The European Union is proposing to ban all oil imports from Russia by the end of the year and remove the country's biggest bank, Sberbank, from the SWIFT international payments network.

European Commission President Ursula von der Leyen said Wednesday the measures would form part of a sixth round of sanctions against Russia over its invasion of Ukraine.

"We now propose a ban on Russian oil," she said during a speech to the European Parliament. "Let's be clear: it will not be easy. But we simply have to work on it. We will make sure that we phase out Russian oil in an orderly fashion, to maximize pressure on Russia, while minimizing the impact on our own economies."

Crude oil supply would be phased out within six months, and imports of refined oil products by the end of 2022, she added.