EU moves to ban Russian oil imports and more business news

EU moves to ban Russian oil imports

The European Union's chief executive has called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions over the war in Ukraine.

European Commission President Ursula von der Leyen told EU lawmakers on Wednesday that she envisions member nations phasing out imports of crude oil within six months and refined products by the end of the year. The proposals must be unanimously approved to take effect and are likely to be the subject of fierce debate.

Von der Leyen conceded that getting all 27 EU members to agree on oil sanctions "will not be easy." Some landlocked countries are highly dependent on Russian oil.

Britain wants Musk to testify on Twitter

A British parliamentary committee scrutinizing draft online safety legislation has invited Elon Musk to discuss his plans to buy Twitter and the changes he's proposing for the social media platform.

Parliament's digital committee asked the Tesla CEO on Wednesday to give evidence about his proposals "in more depth." Musk said it's too early to give an answer because shareholders haven't voted on the Twitter deal yet. The committee said it's interested in Musk's plans, especially his intention to roll out verification for all users, which echoes its own recommendations.

The U.K. government's online safety bill would give regulators wide-ranging powers to crack down on digital and social media companies.

Moderna's 1st quarter profit triples on vaccines

COVID-19 vaccine sales helped Moderna triple its net income in a better-than-expected first quarter.

The vaccine maker said Wednesday that revenue from its coronavirus preventive shots jumped to $5.92 billion from $1.73 billion in last year's quarter, when the vaccines were debuting in most markets. More than 217 million doses of Moderna's Spikevax vaccine have been administered in the U.S., where it is one of three approved options for adults. In the first quarter,

Moderna earned $3.7 billion, compared to $1.2 billion in last year's quarter.

- Compiled by Dave Flessner