The European Commission has proposed an outright ban on Russian oil imports, as part of its latest sanctions in response to the invasion of Ukraine. As Russia struggles to reroute its oil to the East, a loss of European sales will choke off up to one-third of its government’s funding, sending its oil sector into terminal decline. “This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined,” said Commissioner President Ursula von der Leyen, as she addressed the European Parliament. “We will make sure that we phase out Russian oil in an orderly fashion, so in a way that allows us and our partners to secure alternative supply routes and, at the same…