EU Proposes Ban on Russian Oil Imports

The War in Ukraine continues and today, the European Union proposed a ban on all oil imports from Russia by the end of the year and the removal of Russia’s biggest bank from the SWIFT International payments network. European Commission President Ursula von der Leyen said the measures would form part of a sixth round of sanctions against Russia over the invasion of Ukraine.  Von der Leyen added that the ban wouldn’t be easy but “we will make sure that we phase out Russian oil in an orderly fashion, to maximize pressure on the country, while minimizing the impact on our own economies.” It would take about 6 months for all crude oil supply to be phased out which will take place before the end of the year. The proposal still needs to be approved by all EU member states which have already agreed to phase out Russian coal imports. The United States, Canada, United Kingdom and Australia have already banned imports from Russia.