European stock markets closed lower on Wednesday as the EU prepares additional sanctions on Russian oil imports. 

"Let us be clear: it will not be easy. Some member states are strongly dependent on Russian oil, but we simply have to work on it," European Commission President Ursula von der Leyen said earlier during her speech at the European Parliament.

"We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, crude and refined," she said.

If realized, this will be the sixth round of European sanctions on Moscow, while the EU also plans to remove Russia's Sberbank from the international payments system called SWIFT.

Amid increasing risks, the STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 4.83 points, or 1.08%, to finish at 441.37 points.

London's FTSE 100 lost 67 points, or 0.9%, to 7,493. Germany's DAX 30 declined 68 points, or 0.49%, to end the day at 13,970, while France's CAC 40 fell 80 points, or 1.24%, to close at 6,395.

Italy's FTSE MIB was the worst performer of the day, shedding 340 points, or 1.4%, to 23,902. Spain's IBEX 35 decreased 89 points, or 1.04%, to end the day at 8,500./aa