<p>The European Union is preparing "smart sanctions" against Russian oil imports, <em>The Times</em> <a href="https://www.thetimes.co.uk/article/brussels-prepares-to-hit-russia-with-smart-sanctions-on-oil-imports-k3f230l3j" target="_blank">reported</a> on Monday, citing the European Commission's executive vice president, Valdis Dombrovskis.</p>.<p>"We are working on a sixth sanctions package and one of the issues we are considering is some form of an oil embargo. 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 <em>The Times</em>.</p>.<p>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.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/ukraine-war-reminder-that-dependency-on-russian-fossil-fuels-not-sustainable-eu-chief-says-during-india-visit-1103621.html" target="_blank">Ukraine war reminder that dependency on Russian fossil fuels not sustainable, EU chief says during India visit</a></strong></p>.<p>Russia is Europe's biggest oil supplier, providing 26 per cent of EU imported oil in 2020. Europe gets roughly a third of its gross available energy from oil and petroleum products, in sectors from transportation to chemicals production.</p>.<p>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.</p>.<p>Oil and oil products made up more than a third of Moscow's export revenues last year. Currently, Europe spends around $450 million per day on Russian crude oil and refined products, around $400 million per day for gas, and roughly $25 million for coal, according to think-tank Bruegel.</p>.<p><strong>Check out latest DH videos here</strong></p>
<p>The European Union is preparing "smart sanctions" against Russian oil imports, <em>The Times</em> <a href="https://www.thetimes.co.uk/article/brussels-prepares-to-hit-russia-with-smart-sanctions-on-oil-imports-k3f230l3j" target="_blank">reported</a> on Monday, citing the European Commission's executive vice president, Valdis Dombrovskis.</p>.<p>"We are working on a sixth sanctions package and one of the issues we are considering is some form of an oil embargo. 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 <em>The Times</em>.</p>.<p>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.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/ukraine-war-reminder-that-dependency-on-russian-fossil-fuels-not-sustainable-eu-chief-says-during-india-visit-1103621.html" target="_blank">Ukraine war reminder that dependency on Russian fossil fuels not sustainable, EU chief says during India visit</a></strong></p>.<p>Russia is Europe's biggest oil supplier, providing 26 per cent of EU imported oil in 2020. Europe gets roughly a third of its gross available energy from oil and petroleum products, in sectors from transportation to chemicals production.</p>.<p>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.</p>.<p>Oil and oil products made up more than a third of Moscow's export revenues last year. Currently, Europe spends around $450 million per day on Russian crude oil and refined products, around $400 million per day for gas, and roughly $25 million for coal, according to think-tank Bruegel.</p>.<p><strong>Check out latest DH videos here</strong></p>