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EU to Propose Phasing Out Russian Oil by the End of the Year

  • Proposals include cutting more Russian banks off SWIFT
  • Measures to be discussed by member states in the coming week
A worker turns a valve wheel at the Chayandinskoye oil, gas and condensate field, Russia.

A worker turns a valve wheel at the Chayandinskoye oil, gas and condensate field, Russia.

Source: Bloomberg

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The European Union is set to propose a ban on Russian oil by the end of the year, with restrictions on imports introduced gradually until then, according to people familiar with the matter.