Correct. Below are sources:
A proposal, as of June --Another small bit of information -- lots of detail in the article -- about those continuing to do business with Russia...."The EU will gradually by the end of 2027, under a legislative proposal put forward by the European Commission today. "
Commission proposes gradual phase-out of Russian gas and oil imports into the EU European Commisson, 16 June 2025.
More sources....
EU Proposes Ban on Russian Oil, Gas Imports by End 2027 Wall Street Journal, 17 June 2025.
EU plans gradual end to Russian gas and oil imports by 2027 Financial World, 17 June 2025.
EU proposes complete ban on Russian gas and oil imports by end of 2027 World ECR from Dow Jones, 19 June 2025.
EU sets 2027 as deadline to phase out all Russian energy Euro News, 6 May 2025.
EU proposes keeping gas storage filling goals until 2027 Reuters, 5 May 2025.
EU plans to stop Russian gas and oil imports by 2027 Yahoo Finance, 18 June 2025.
The US and Europe are still doing billions of dollars’ worth of business with Russia despite years of war CNN, 14 August 2025.It seems, as some comments in this thread, name "India" as an "enemy," these same don't examine the larger picture. We do business with Russia too. It's a complicated mess, while the simplistic headlines are meant to make a simple picture.
Always in the future (i.e. “by 2027”) with the hopes that people will forget by then. Which is one of the purposes of 24 hour media on the net and TV — making people forget what they thought was important last week.