The proposal, to be discussed by leaders at a summit in Paris this week, is a dramatic shift for a bloc that remains heavily reliant on relatively cheap and abundant Russian energy. But it falls short of the full-scale boycott that some have called for in response to Russia's invasion of Ukraine.

President Biden on Tuesday announced that the United States is banning imports of Russian oil and natural gas. Britain said it will phase out Russian oil this year. Together, the moves will hit a critical source of revenue for the Kremlin — but could also give the global economy a destabilizing shock.

Since the invasion, the United States, the European Union and others have moved in tandem to isolate Russia, shutting its government and some banks out of financial markets, restricting exports and freezing assets of oligarchs and lawmakers. But they have been slower to truly tackle energy.