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The European Union on Friday officially approved the sixth package of sanctions against Russia, including a gradual phase-out of the country's oil. The measures also saw the EU cutting more Russian banks from the SWIFT system, Al Mayadeen reported.

"In light of Russia's continuing war of aggression against Ukraine and Belarus' support to it, as well as the reported atrocities committed by Russian armed forces in Ukraine, the Council decided today to impose a sixth package of economic and individual sanctions targeting both Russia and Belarus," the European Council said in a statement.

The fresh sanctions include a ban on the purchase, import, and transfer of crude oil and certain petroleum products from Russia into the EU. The phase-out of Russian oil will take "from 6 months for crude oil to 8 months for other refined petroleum products."

"A temporary exception is foreseen for imports of crude oil by pipeline into those EU member states that, due to their geographic situation, suffer from a specific dependence on Russian supplies and have no viable alternative options," the statement added.

The EU is also granting Bulgaria and Croatia temporary derogations on the import of Russian seaborne crude oil and vacuum gas oil, respectively.

Three Russian banks are being pulled from SWIFT, Russia's largest bank Sberbank, Credit Bank of Moscow, and Russian Agriculture Bank.

"A temporary exception is foreseen for imports of crude oil by pipeline into those EU member states that, due to their geographic situation, suffer from a specific dependence on Russian supplies and have no viable alternative options. Moreover, Bulgaria and Croatia will also benefit from temporary derogations concerning the import of Russian seaborne crude oil and vacuum gas oil respectively," the statement said.