What will be the impact of Russian oil sanctions in Europe?

The European Union has recommended a phased sanction of Russian oil, tightening the noose on Moscow for its military operations in Ukraine. What would be the consequence of prohibiting Russian barrels in Europe?

According to the International Energy Agency, the European Union received 2.2 million barrels of crude oil and 1.2 million barrels of refined oil commodities before the Russian invasion of Ukraine.