The EU Commission's Executive Vice-President and Commissioner for Trade Valdis Dombrovskis said on Monday that the European Union is preparing the 6th package of sanctions against Russia.

This sanctions package will include an oil embargo on Moscow, in response to the war in Ukraine, and will be designed in a way so as to minimize collateral damage to Europe.

"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 said.

So far, it seems the details have not been agreed upon, according to Dombrovskis, but he noted that the EU may begin phasing out Russian oil, or may impose export tariffs above a certain price cap.

According to the EU Commission, EU energy imports from Russia amounted to 45% of gas, 27% of crude oil, and 46% of coal.

According to the Financial Times, Russia ships about 5 million barrels per day of crude oil, about half of which goes to Europe, with energy exports accounting for more than $235 billion in 2021.