European Union is preparing “smart sanctions” against Russian oil imports

The European Union is preparing “smart sanctions” against Russian oil imports, The Times reported on Monday, citing the European Commission’s executive vice president, Valdis Dombrovskis.

“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 maximizes pressure on Russia while minimizing collateral damage on ourselves,” Dombrovskis told the Times.

Nevertheless, the price of oil is under pressure with WTI down some 1.42% on the sesisons so far at $100.33bbls.