EU is expected to approve a Russian oil embargo in a bid to halt the Ukraine war, a report says

• The European Union is expected to approve a Russian oil embargo in a bid to stop the war.
• Ambassadors for the commission would approve it next week, per The New York Times.

The European Union is expected to approve a Russian oil embargo in a bid to halt the Ukraine war.

The New York Times and other outlets first reported the story.

EU ambassadors are expected to meet on Wednesday to finalize the proposal, weeks after EU countries discussed the measure. The move would facilitate a quick approval and avoid the time-consuming process of gathering leaders, the Times reported.

Managing director for Europe at Eurasia Group, Mujtaba Rahma, told the Times: "More important than the oil embargo is the signal that Europe is united and taking back the initiative." He added that a more sudden cut to oil imports would have been more impactful for Russia, but too costly for Europe.

Officials told the newspaper Times that the oil embargo would be the biggest and most important sanction yet. It would also include sanctions against Russia's biggest bank Sberbank, officials said.

Earlier this week, Germany announced it was ready to stop buying Russian oil, paving the way for the EU to impose a full embargo. Russia cut off supplies to Poland and Bulgaria after the countries refused to pay in rubles.

Vladimir Putin's former chief economic advisor, Andrei Illarionov, suggested in early April that Russia would halt military operations in Ukraine "within a month or two" if Western countries stopped buying Russian oil and gas. Illarionov said he believed Russia would be spared complete economic devastation thanks to its strength with exports — particularly energy exports.

The European Commission did not immediately respond to Insider's request for comment made outside of normal working hours.

Russia is Europe's biggest oil supplier. However, under the embargo, European countries would rely on increased imports from Persian Gulf countries, Nigeria, Kazakhstan, and Azerbaijan, per the newspaper.