EU proposes phased Russian oil embargo, more sanctions

In a video message posted on Twitter, Ukraine’s Foreign Minister Dmytro Kuleba welcomed the European Union’s decision to propose an embargo on Russian oil

The EU proposed its toughest sanctions yet against Russia on Wednesday, including a phased oil embargo, as Ukraine came under further heavy Russian bombardment and nervously monitored large-scale army drills in neighbouring Belarus, a close Moscow ally.

Piling pressure on Russia’s already battered $1.8 trillion economy, the European Commission proposed phasing out supplies of Russian crude oil within six months and refined products by the end of 2022.

The plan, if agreed by EU governments, would be a watershed for the world’s largest trading bloc, which remains dependent on Russian energy and must find alternative supplies. Hungary and Slovakia want to be exempted from the ban for now, sources said.

“(President Vladimir) Putin must pay a price, a high price,for his brutal aggression,” Commission chief Ursula von der Leyen told the European Parliament in Strasbourg, to applause from lawmakers.

Ms. der Leyen also announced sanctions targeting Russia’s largest bank Sberbank, two other lenders, three state broadcasters and Army officers and other individuals accused of war crimes.

The EU has yet to target Russian natural gas, used to heat homes and generate electricity across the bloc.