The EU might abandon Russian oil by the end of the year.

The European Union intends to propose a ban on Russian crude by the end of the year and gradually impose restrictions on imports. According to Bloomberg, the EU will also insist on disconnecting more Russian and Belarusian banks from the SWIFT international payment system, including Sberbank. According to the interlocutors, a decision on new sanctions may be made next week at a meeting of EU ambassadors. The proposed measures, which will constitute the sixth package of sanctions, have not yet been formally proposed and may change before that happens. Other options discussed to reduce Russia’s oil revenues included price caps, special payment mechanisms, and tariffs. Belarus will be included in the package for its role in facilitating the Russian invasion, including its role as a springboard for troops at the beginning of the offensive.