European Commission president Ursula Gertrud von der Leyen has announced that the European Union will work to ban all remaining imports of Russian oil and gas by no later than the end of 2027.
Speaking at the European Parliament's plenary debate on EU support for a just, sustainable and comprehensive peace in Ukraine, President von der Leyen said the 27-nation bloc has already cut its gas imports from Russia by 60 bcm per year - from 45 percent to 13 percent. There is a ten-fold reduction in oil imports. At the same time, von der Leyen admitted that since the beginning of last year, energy imports from Russia have slightly bounced back.
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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.