The European Union is planning to increase sanctions once morest Russia, and is considering imposing some form of embargo on Russian oil.
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The European Union is preparing a sixth package of sanctions once morest Russia
newspaper reported “The TimesThe United States, on Monday, quoted the Executive Vice President of the European Commission, Valdis Dombrovskis, as saying that the European Union is determined to prepare “smart sanctions” on Russian oil imports.
“We are working on a sixth sanctions package, and one of the issues we are looking at is some form of oil embargo,” Dombrovskis told the newspaper. “When we impose sanctions, we need to do it in a way that increases pressure on Russia, while minimizing collateral damage to us.”
Dombrovskis added that the “fine details” of the oil sanctions had not yet been agreed, but might include the “phasing out of Russian oil” or the imposition of tariffs on exports beyond a certain price cap.
Russia is Europe’s largest supplier of oil, providing 26% of the oil imported by the European Union in 2020.
Ukraine and some European Union countries, including Poland and Lithuania, want an embargo on Russian oil and gas, while Germany and Hungary oppose an immediate oil embargo.
Oil and its products accounted for more than a third of Moscow’s export earnings last year.
The Bruegel Research Center said that Europe currently spends regarding 450 million dollars a day on Russian crude oil and refined products, regarding 400 million dollars a day on gas, and regarding 25 million dollars on coal.
