“Today, we will propose to ban all Russian oil from Europe,” von der Leyen said in a much-awaited speech in front of the European Parliament in Strasbourg. “This will be a complete import ban on all Russian oil – seaborne and pipeline, crude and refined,” she said, announcing the sixth round of EU sanctions to punish Russia for its invasion of Ukraine.

Oil prices rose immediately after the announcement, which also includes cutting Russia’s largest bank, Sberbank, from the SWIFT financial messaging system.

The president of the European Commission admitted that the ban “will not be easy” to implement “because some member states are strongly dependent on Russian oil.” “But we simply have to do it,” she added, saying the measures will deprive the Russian economy of funds used to wage war, diversify and modernise.

To minimise the impact on the economy and society, von der Leyen said the Russian oil phase-out would be implemented “in an orderly fashion” in a way that allows for securing alternative supply routes.

“And this is why we will phase out supply of Russian crude oil within six months and refined products by the end of the year,” she added, saying this will maximise the pressure on Russia while minimising the collateral damage to the European economy.

Guest post from EurActiv