The European Union is considering “smart” sanctions against Russia’s oil industry in a bid to minimize the fallout for itself while maximizing pressure on Moscow, The Times reported, citing European Commission executive vice president Valdis Dombrovskis.

The European Union has been discussing some form of an oil embargo against Russia for weeks now but has so far failed to come up with a version that would satisfy the heavily reliant importers, among them Germany, Europe’s largest economy.

“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, suggesting that an agreement remained elusive and was likely to remain so in the observable future.