The EU has put forward proposals for a total ban on Russian oil imports, phasing out crude within six months.European Commission chief Ursula von der Leyen is looking to ban refined products by the end of the year.Officials from the 27 countries that make up the EU will meet later on Wednesday to discuss the proposals. LoadingSomething is loading.The European Union has proposed a total ban on Russian oil imports, including cutting out crude within six months, as it seeks to step up the pressure on the Kremlin over the invasion of Ukraine.European Commission President Ursula von der Leyen said the bloc would wean itself off Russian oil in “an orderly fashion” as she proposed a sixth package of sanctions in a speech to the European Parliament on Wednesday.She said the EU would phase out imports of Russian crude oil within six months and of refined products by the end of the year.Officials from the 27 countries that make up the EU will meet to start discussing the proposals later on Wednesday.”We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined,” von der Leyen said.”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 stressed that the move would be costly to the bloc. Russia supplied 25% of the EU’s oil imports in 2021, far more than any other country, official figures show.”Let us be clear: it will not be easy. Some Member States are strongly dependent on Russian oil. But we simply have to work on it,” the Commission President said.Brent crude oil was up 2.78% in early European trading to $107.89 a barrel. WTI crude was 2.92% higher at $105.39 a barrel, with a drop in US stockpiles also pushing prices higher.Dutch TTF natural gas, the European benchmark price, was up 4.2% to 103.61 euros per megawatt-hour.


Source: markets.businessinsider.com