If approved, the European Union's proposed embargo on Russian oil will ripple across global markets, especially if it helps enable more substantial U.S. sanctions targeting Moscow's energy sales to non-Western countries. On May 4, the European Commission proposed a sixth package of EU sanctions against Russia in response to Moscow's invasion of Ukraine. The new measures include: An EU-wide embargo on Russian petroleum, with the embargo of crude oil imports entering force in six months and the embargo on petroleum products imports entering force by the end of 2022. A ban within one month on the transport, including ship-to-ship transfers, of Russia-origin crude oil and petroleum products by any EU-flagged, -owned, -chartered or -operated vessel to third-party countries (i.e. non-EU member states).