Brussels prepares to hit Russia with 'smart sanctions' on oil imports, The Times says

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.

How do we keep buying Russian oil but make it look like we care about Ukraine? 🤔 Oh, I know! We’ll introduce useless sanctions and call them “smart”. Branding is everything.

Can’t wait to see these sanctions. Hopefully they are effective and fast acting. Brussels

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Long lines of hunger in the European Fascist Union. And this is just beginning.-

What is smart sanctions? All the co2 from Russian oil will be blown back to Russia?

How about effective instead?

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