European Union (EU) has proposed new sanctions against Russia.

European Commission President Ursula Von der Leyen said that EU is seeking to end its dependency on Russian oil which is a major source of revenue for Kremlin. As such, crude oil is to be phased out in six months, and refined products by the end of 2022, Von der Leyen said.

The proposed sanctions on Russia include Sberbank - Russia's largest bank - and Credit Bank of Moscow and Russian Agricultural Bank be disconnected from the Swift system as well as cutting off state-owned Russian broadcasters from EU on cable, satellite and internet.

Sanctions were also proposed against fifty-eight Russian individuals including the head of Russia's Orthodox Church.

However, there were no proposals to end import of Russian natural gas as EU members would find it harder to replace it with alternative sources, analysts said.

Gas is also a key source of revenue for Moscow.