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.

The story was first reported by the New York Times.

EU ambassadors are expected to finalize the proposal on Wednesday. The Times reported that the move would facilitate a quick approval and avoid the time consuming process of gathering leaders.

The signal that Europe is united and taking back the initiative is more important than the oil embargo, according to the Managing director for Europe at Eurasia Group.

The Times was told that the oil embargo would be the most important sanction yet. It would include sanctions against Sberbank.

The EU will impose a full embargo on Russian oil after Germany said it was ready to stop buying it. Poland and Bulgaria were cut off by Russia after they refused to pay in rubles.

If Western countries stopped buying Russian oil and gas, Russia would stop military operations in Ukraine within a month or two, according to Illarionov.

Insider asked the European Commission to comment on their request outside of normal working hours.

Russia is Europe's biggest oil supplier. European countries would rely on increased imports from Persian Gulf countries under the embargo.