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Axios
Axios
World

EU leader announces plan to ban Russian oil imports

Oil Russia United States Ursula von der Leyen SWIFT European Union

The European Commission on Wednesday announced plans for a phased ban on all Russian oil by the end of the year, in a proposed sixth round of sanctions aimed at pressing President Vladimir Putin to end the invasion of Ukraine.

Why it matters: Russia is the world's second-largest crude oil exporter and Europe, unlike the U.S., is hugely reliant on Russian oil, gas and coal, per Axios' Ben Geman.

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