The EU is reportedly set to propose a ban on all shipping, financing and insurance services for the transport of Russian crude oil worldwide within one month, an EU source told Reuters on Wednesday. An EU ban on the imports of Russian oil would be effective within six months, the source added, with no gradual phase-out, and would cover both spot markets and existing contracts.

The worldwide ban on services provision for the transport of Russian crude oil could potentially affect Russia's ability to find alternative buyers for its crude oil after the EU embargo kicks in, Reuters speculated. The EU source told Reuters that the latest EU measures would have a "chilling" effect on Russian oil trade and could lead to further so-called "self sanctioning", where international traders shun Russian crude oil even if not directly targetted by EU sanctions.