EU proposes ban on Russian oil 

The European Union's chief executive on Wednesday proposed a phased oil embargo on Russia, sanctions on its top bank and a ban on Russian broadcasters from European airwaves in its toughest measures yet to punish Moscow for its war in Ukraine.

The EU's sixth round of sanctions, if agreed by member states, would be a watershed for the world's largest trading bloc, which is dependent on Russian oil and gas and must find alternative supplies just as energy prices are spiking.

Reluctance to deliver sanctions that will hurt EU economies as well as Moscow faded in recent weeks as Russia's invasion of Ukraine brought horrific images of slaughter in towns and concern about a renewed offensive in the east of the country.

Reflecting widespread anger in the West at Russian President Vladimir Putin's campaign - which Moscow says is a "special military operation" to defeat dangerous nationalists - the head of the EU executive said Moscow must face consequences.

"Putin must pay a price, a high price, for his brutal aggression," European Commission President Ursula von der Leyen told the European Parliament in Strasbourg.

"Today, we will propose to ban all Russian oil from Europe," she said to applause in the chamber.

The Commission's measures include phasing out supplies of Russian crude oil within six months and refined products by the end of 2022. Von der Leyen pledged to minimise the impact on European economies.

The price of Brent crude rose around 3% to more than $108 a barrel in early trade.

If agreed, the embargo would follow the United States and Britain, which have already imposed bans to cut one of the largest income streams to the Russian economy, as the West buys more than half of its crude and petroleum products from Russia.

"We are addressing our dependency on Russian oil. And let's be clear, it will not be easy because some member states are strongly dependent on Russian oil, but we simply have to do it," von der Leyen said.

Ambassadors from the EU's 27 governments are widely expected to adopt the Commission proposals as early as this week, allowing them to become law soon after. _Agencies