NEW: EU leader announces plan to ban Russian oil imports
European Commission President Ursula von der Leyen holds a press conference in Brussels, Belgium on April 27. Photo: Dursun Aydemir/Anadolu Agency via Getty Images
The European Commission announced Wednesda plans for a phased ban on all Russian oil by the end of the year in a proposed sixth round of sanctions in response to the invasion of Ukraine.Commission President Ursula von der Leyen told the European Parliament this would be "a complete import ban on all Russian oil, seaborne and pipeline, crude and refined."
"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 minimises the impact on global markets," she said. "This is why we will phase out Russian supply of crude oil within six months and refined products by the end of the year."The commission, which is the executive branch of the European Union, has also proposed to the 27 EU member countries disconnecting Sberbank, Russia’s largest bank, and two other major banks in the country from the SWIFT international banking payment system, according to von der Leyen.
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