World News: EU plans phased oil ban on Russia, also targeting more banks – Gulf Digital News

World News: EU plans phased oil ban on Russia, also targeting more banks – Gulf Digital News

STRASBOURG: The European Union's chief executive on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia's top bank and banning Russian broadcasters from European airwaves, in a bid to deepen Moscow's isolation.

The plan, if agreed by EU governments, would mark a watershed for the world's largest trading bloc, which is dependent on Russian energy and must find alternative supplies.

But Russia's invasion of Ukraine by land, sea and air on Feb. 24, the renewed Russian offensive in eastern Ukraine and the horrific images of slaughter in Ukrainian towns have overcome reluctance to deliver the toughest sanctions so far.

"Today, we will propose to ban all Russian oil from Europe,"

European Commission President Ursula von der Leyen told the European Parliament in Strasbourg.

"This will be a complete import ban on all Russia," she said to applause in the chamber.

The Commission's measures include phasing out supplies of Russian crude oil within six months and refined products by the end of 2022, von der Leyen said. She pledged to minimise the impact on European economies.

The price of Brent crude rose 2% to $107,11 at around 0900 CET, up 37.5% since the start of year.

"We are addressing our