European Union to propose phasing out Russian oil by the end of the year

The European Union is set to propose a ban on Russian oil by the end of the year, with restrictions on imports introduced gradually until then, according to people familiar with the matter.

The EU will also push for more banks from Russia and Belarus to be cut off from the international payment system SWIFT, including Sberbank, said the people, who asked not to be identified because the discussions are private. A decision could be made as soon as this week at a meeting of the bloc’s ambassadors. 

Meanwhile, US President Joe Biden tweeted on Sunday that, “just as Putin chose to