The EU vows Putin must pay a heavy price as it proposes to ban all Russian Oil by the end of 2022

But the measures risk a veto from at least two EU nations heavily reliant on Russian oil.

European Commission President Ursula von der Leyen says the package was aimed at maximising pressure on Russia while minimising damage to Europe.

The EU has been focusing for weeks on how to wean itself off Russian oil and gas.

“We will make sure that we phase out Russian oil in an orderly fashion,” the Commission president said.

The package first has to be approved by EU ambassadors and is set to be signed off in the next few days.

“They exactly know that what they are proposing is against Hungarian interests… and if we do that we are completely going to ruin the Hungarian economy,” Hungarian government spokesman Zoltan Kovacs on why his country would veto it in its current form.

Slovakia as well as Hungary currently relies on Russian oil and under the initial proposal would be given until the end of 2023 to find alternative suppliers.