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.