EU Formally Approves Embargo on Russia Oil

The European Union flags fluttering in the air outside the European Commission building in Brussels, Belgium, on May 28, 2020. Kenzo Tribouillard /AFP via Getty Images

BRUSSELS—The European Union on Friday formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine.

EU headquarters says Russian crude oil will be phased out over six months, and other refined petroleum products over eight months.