The European Union is preparing to impose "smart sanctions" on Russia's oil exports, the Times reported today, citing European Commission Vice President Valdis Dombrovskis.

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"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. Times ".

He added that specific details on oil sanctions have not yet been agreed, but could include phasing out Russian oil or imposing tariffs on imports above a certain price threshold.

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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, want a ban on Russian oil and gas imports, while Germany and Hungary oppose an immediate oil embargo.

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