Times is gated. In brief:

• European Union is preparing “smart sanctions” against Russian oil imports
• designed to minimise economic damage to the continent’s economy
• would soon present a sixth package of sanctions
• would include “some form” of an oil embargo
• sanctions could include a gradual phasing-out of Russian oil or imposing tariffs on exports beyond a certain price cap

The comments come from Valdis Dombrovskis, the European Commission’s executive vice-president