EU Commission President Ursula von der Leyen has confirmed the new plans for economic sanctions against Russia.
“We are now proposing an embargo on Russian oil.
It is about a complete ban on imports of all Russian oil," she said on Wednesday morning in the European Parliament.
Russian crude oil shipments are to be phased out within six months and refined product imports phased out by the end of the year.
"In this way we maximize the pressure on Russia and at the same time minimize collateral damage for us and our partners worldwide," said the German politician.
"Because if we want to help Ukraine, our own economy must remain strong."
In addition to the oil embargo, von der Leyen confirmed plans for punitive measures against other Russian banks.
According to their information, they intend to decouple Sberbank – by far the largest Russian bank – and two other large banks from the international financial communication system Swift.
"By doing so, we hit banks relevant to the Russian financial system and limit Putin's ability to further destroy," she said.
"This will cement the complete isolation of the Russian financial sector from the global system."
In addition, European auditors, consultants and so-called spin doctors should no longer be allowed to work for Russian companies and the Kremlin of President Vladimir Putin.