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.
A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. REUTERS/REUTERS PHOTOGRAPHERApril 25 - The European Union is preparing "smart sanctions" against Russian oil imports, The Times"We are working on a sixth sanctions package and one of the issues we are considering is some form of an oil embargo.
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.Russia is Europe's biggest oil supplier, providing 26% 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.
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.Reporting by Shivani Tanna in Bengaluru; Editing by Christopher CushingSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine live updates: Russia fires at least 6 missile strikes on Odesa, killing 5Ukrainian President Volodymyr Zelenskyy told reporters that US Secretary of State Antony Blinken and Defense Secretary Lloyd Austin will visit Ukraine on Sunday.
Read more »
Possible mass graves near Mariupol as Russia attacks in eastSatellite photos of what appeared to be rows upon rows of freshly dug mass graves on the outskirts of Mariupol brought the horrors of the war increasingly into focus.
Read more »
Russia Sanctions Led American Express to Cut Financial Lifeline in UkraineAmerican Express suspended a wire service in Ukraine, angering business owners that had been using it to make cross-border payments
Read more »
Satellite photos show possible mass graves near Mariupol as Russia attacks in eastSatellite photos of what appeared to be rows upon rows of freshly dug mass graves on the outskirts of Mariupol as other eastern cities came under Russian fire overnight.
Read more »
Russia-Ukraine war: What happened today (April 22)A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.
Read more »
Russia sanctions: European Commission suggests Moscow's gas payment workaround may work for EU companiesEuropean companies have looked for ways to complete their payments for gas from Russia without violating sanctions.
Read more »