The EU is ready to propose a ban on Russian oil by the end of the year, with import restrictions to be introduced gradually until then. The EU will also push for more Russian and Belarusian banks to disconnect from the SWIFT international payment system.

However, EU sanctions require the backing of all 27 member states to be adopted and several countries, such as Hungary, resisted measures targeting Russian oil. Germany, previously another holdout, may agree to a gradual ban.

An oil embargo would further pressure Russia since the EU is the largest single consumer of Russian crude oil and fuel. Furthermore, tensions would continue to escalate as the outlook for gas supplies is complex. In 2019, almost two-thirds of the bloc’s crude imports came from Russia.