The European Union proposed a ban on Russian crude oil phased in over the next six months, part of the bloc’s sixth package of sanctions as President Vladimir Putin seeks to cement military gains in Ukraine.
Germany threw its weight behind the oil plan and officials from member states may approve it as early as Wednesday. The Kremlin called the measure a "double-edged sword” as it will impact households. The EU is also proposing to cut off Sberbank and other lenders from the international SWIFT messaging network used by financial institutions.
Russia’s war in Ukraine is nearing the 10-week mark. Having failed to achieve a quick victory, Moscow is focused on reinforcing both military and political control over territory taken so far, according to people familiar with the Kremlin’s thinking.
(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)
