The European Union agreed on Monday night to phase out dependency on Russian gas, oil and coal as soon as possible, said European Commission President Ursula von der Leyen.
The ban will immediately cover more than two-thirds of oil imports from Russia.
The announcement followed an extraordinary European Council summit attended by EU leaders in Brussels on Monday, which focused on a sixth package of sanctions against Russia.
Other measures also include "de-Swifting the largest Russian bank Sberbank, banning three more Russian state-owned broadcasters, and sanctioning individuals responsible for war crimes in Ukraine," European Council President Charles Michel said.
"I am glad that tonight leaders agreed in principle on the sixth sanctions package. This is an important step forward. We also agreed to work on a mechanism to provide Ukraine with a new, exceptional macro-financial assistance package of up to 9 billion euros ($9.7 billion)," Von der Leyen said.
The summit will continue on Tuesday.