European Union Pledges to Curb Oil Purchases From Russia

European Union leaders said for the first time that they would impose an oil embargo on Russia over its invasion of Ukraine, taking a big step forward in an economic fight against Moscow that is already reverberating in global markets.

The embargo would include an exemption for oil delivered from Russia via pipelines, an amount that makes up one-third of EU oil purchases from Russia. EU officials said that by the end of this year, the embargo would cover 90% of previous Russian oil imports. It would be phased in over several months.

Senior EU officials are expected to meet Wednesday to sign off on the oil embargo, according to European Council President Charles Michel, which would unlock a sixth sanctions package on Russia. The moves include the removal of three Russian banks—including the largest, Sberbank—from the Swift financial-transactions network; a ban on three leading Russian broadcasters in the bloc; and targeted sanctions against Russian military officials and other leading figures.

“Agreement to ban export of Russian oil to the EU,” Mr. Michel said late Monday on Twitter. “This…covers more than 2/3 of oil imports from Russia, cutting off financing for its war machines.”