European Commission President Ursula von der Leyen unveiled the sixth package of sanctions against Russia at the European Parliament Wednesday.
Speaking during a debate on the social and economic consequences for the EU of the Russian war in Ukraine, the commission president announced plan to phase out import of Russian crude oil within six months and refined products by the end of the year.
While acknowledging that the ban is not easy as European countries are highly dependent on Russian energy, Ursula von der Leyen said, "We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets".
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.