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European Commission President Ursula von der Leyen said on May 4 that the commission planned a sixth round of punishing sanctions against Russia and an oil ban, while urging the European Union to invest in rebuilding Ukraine.

Speaking at the European Parliament, von der Leyen announced new sanctions against Russian high-ranking military officers she said were responsible for war crimes in Bucha and the “siege of Mariupol.”

Furthermore, she said there were plans to “de-Swift,” or remove Russia’s largest bank, Sberbank, and two others from the international financial transaction system. Von der Leyen called the institutions “systemically critical to the Russian financial system and [Russian President Vladimir] Putin’s ability to wage destruction” in Ukraine.

Three Russian broadcasters will be banned from the European Union, including online, she said, and European “accountants, consultants, and spin doctors” will be prohibited from providing services to Russian companies.

She said the commission would “propose a ban on all Russian oil from Europe,” moving away from crude oil imports within six months and refined products by the end of the year.

Von der Leyen also proposed that European Union member states begin working on a significant reconstruction package to help the country rebuild.

Such investment in the country would “pave the way for Ukraine’s future inside the European Union,” she said.

Ukrainian Prime Minister Volodymyr Zelensky said in April that reconstruction costs could easily top $600 billion (€570 billion). Credit: Ursula von der Leyen via Storyful