The European Union is preparing to impose “smart sanctions” on Russian oil exports, the Times reported today, citing European Commission Vice President Valdis Dombrovskis.
“We are working on the sixth package of sanctions, and one of the measures that we are considering is a kind of oil embargo. When we impose sanctions, we must do it in a way that maximizes the pressure on Russia and minimizes the side effects for ourselves”.
He added that the specific details of the oil sanctions have not yet been agreed, but they could include phasing out Russian oil or imposing tariffs on imports above a certain price threshold.
Russia is Europe’s largest oil supplier, accounting for 26 percent of EU oil imports in 2020, according to Reuters. Ukraine and some EU member states, including Poland and Lithuania, are in favor of a ban on Russian oil and gas imports, while Germany and Hungary are opposed to an immediate oil embargo.