The European Union is preparing to impose “smart sanctions” on Russia’s oil exports, the SETimes reported today, citing European Commission Vice President Valdis Dombrovskis. EU wants to impose sanctions which will cost Russia more than the European countries, as seen in the Russian Gas case.
“We are working on a sixth package of sanctions, and one of the measures we are considering is some kind of oil embargo. When we impose sanctions, we must do so in a way that maximizes pressure on Russia while minimizing the side effects on ourselves,” Dombrovskis told SETimes.
He added that specific details on oil sanctions have not yet been agreed upon but could include phasing out Russian oil or imposing tariffs on imports above a certain price threshold.
Russia is the largest supplier of oil to Europe, providing 26 per cent of EU oil imports in 2020. Ukraine and some EU member states, including Poland and Lithuania, are demanding a ban on Russian oil and gas imports. At the same time, Germany and Hungary oppose the immediate imposition of an oil embargo.