The European Union is preparing "smart sanctions" against Russian oil imports, The Times reported https://www.thetimes.co.uk/article/brussels-prepares-to-hit-russia-with-smart-sanctions-on-oil-imports-k3f230l3j on Monday, citing the European Commission's executive vice president, Valdis Dombrovskis. When we are imposing sanctions, we need to do so in a way that maximises pressure on Russia while minimising collateral damage on ourselves," Dombrovskis told The Times. He said that precise details of the oil sanctions had not yet been agreed but could include a gradual phasing-out of Russian oil or imposing tariffs on exports beyond a certain price cap, the newspaper reported. Ukraine and some EU states, including Poland and Lithuania, want a ban on Russian oil and gas, whereas Germany and Hungary are opposed to an immediate oil embargo. Oil and oil products made up more than a third of Moscow's export revenues last year.

Source: The Times April 25, 2022 02:07 UTC