"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 maximises pressure on Russia while minimising collateral damage on ourselves," Dombrovskis told The Times.
The details of sanctions regarding Russian oil have not yet been agreed, Dombrovskis noted, adding that the EU may consider phasing out Russian oil or imposing export tariffs above a certain price cap.
In 2021, Russia's imports to the European Union amounted to about 45% of gas, 27% of crude oil, and 46% of coal, according to the European Commission.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Lugansk appealed for help in defending themselves against Ukrainian forces. In response, the EU rolled out a comprehensive sanctions campaign against Moscow, which includes airspace closures and restrictive measures targeting numerous Russian officials and entities, media, and financial institutions.
On April 8, the EU agreed on a fifth package of anti-Russian sanctions, which included a ban on coal imports from Russia.