EU proposes historic embargo on Russian oil, pushing up prices

By Breanne Deppisch

Published May 4, 2022 2:29pm ET

EU proposes historic embargo on Russian oil, pushing up prices — European Commission President Ursula von der Leyen applauds after an address by Ukraine's President Volodymyr Zelenskyy, via video link, during an extraordinary session on Ukraine at the European Parliament in Brussels, Tuesday, March 1, 2022. The European Union's legislature meets in an extraordinary session to assess the war in Ukraine and condemn the invasion of Russia. EU Commission President Ursula von der Leyen and Council President Charles Michel will be among the speakers. | (AP Photo/Virginia Mayo)

The European Union proposed a complete ban on Russian oil imports by the end of the year, its strongest response yet to the invasion of Ukraine and a move expected to push up prices.

European Commission President Ursula von der Leyen detailed the new sanctions proposal Wednesday during a speech to the European Parliament, which she said will phase out all Russian crude oil imports within six months, and all refined oil imports by the end of 2022. Oil prices rose following the announcement.