By Laurence Norman


The European Union is proposing a ban on imports of Russian crude oil within six months and a ban on refined oil products by year-end, European Commission President Ursula von der Leyen said Wednesday.

The bloc will also impose sanctions on any high-ranking Russian military officials involved in any war crimes and the siege of Mariupol.

In a speech to the European Parliament, Ms. von der Leyen also said the EU's executive body is proposing to take Russia's biggest bank, Sberbank Rossia, and two other Russian banks off the Swift financial messaging system.

The European Commission is also planning to ban three major Russian state-owned broadcasters from the EU.

EU member states will start discussing the package of sanctions later Wednesday in Brussels. All 27 countries will need to sign off.

EU officials are pushing for a decision this week although there are differences among member states about some of the proposals.

The Wall Street Journal reported on Tuesday that Hungary and Slovakia, two countries that are heavily dependent on Russian pipelined oil deliveries, will have 20 months to stop importing Russian oil.

"With all these steps, we are depriving the Russian economy from its ability to diversify and modernise. Putin wanted to wipe Ukraine from the map. He will clearly not succeed," she said. "On the contrary: Ukraine has risen up in unity. And it is his own country, Russia, he is sinking."

Ms. von der Leyen said the EU will also need to play its part in paying Ukraine's war-time costs, which international institutions have said could run at 5 billion euros ($5.26 billion) a month to keep paying salaries, pensions and other basic services.

She also said the EU should start working now on a massive rebuilding package.


Write to Laurence Norman


(END) Dow Jones Newswires

05-04-22 0314ET