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EU Proposes Ban on Russian Oil Imports, Sending Prices Higher

The European Union proposed a ban on imports of Russian crude within six months and on refined oil products from the country by year-end, prompting a jump in oil prices, while the bloc is set to impose sanctions on high-ranking Russian military officials involved in alleged war crimes and the siege of Mariupol.

European Commission President Ursula von der Leyen outlined the proposal in a speech to the European Parliament, and said the EU’s executive body is also proposing to take Russia’s biggest bank, Sberbank, and two other Russian banks off the Swift financial-messaging system. The commission is also planning to ban three major Russian state-owned broadcasters from the EU.

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