European Commission (EU) countries will stop importing Russian oil in the next six months as part of sanctions against Moscow for waging war on Ukraine.
Ursula von der Leyen, president of the European Commission, said this on Wednesday at a parliament’s plenary session in France.
Leyen said a ban would also be placed on all other refined oil products by the end of the year.
Presenting the 6th package of sanctions, the EU president said the measures are expected to be adopted by the end of the week.
“Let us be clear, it will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it,” Leyen told European deputies.
She said the proposal includes banning Russian broadcasters from European airwaves and stopping E.U. companies from providing Russian clients with services like public relations consulting and accounting.
“We are depriving the Russian economy of its ability to diversify and modernise, Putin wanted to wipe Ukraine from the map. He will clearly not succeed,” she added.
Last month, JPMorgan, American investment bank, warned that oil prices could reach $185 per barrel if the EU placed an immediate ban on imports of Russian oil.
Since Russia invaded Ukraine, the EU has been deliberating on breaking away from years of dependence on Russian oil by banning imports of the commodity.