A tightening noose of Western sanctions is squeezing present and future Russian supply but the resulting surge in oil and gas prices is spurring calls for a more interventionist approach from governments.

In the latest move intended to exert pressure on Moscow following Russia’s invasion of Ukraine, the European Commission, through President Ursula von der Leyen, proposed a complete embargo of Russian crude imports within the next six months.

The plan, which is part of a rolling package of sanctions targeting Moscow, also proposes a phasing out of refined products by the end of the year.