The president of the European Commission said a European embargo on Russian oil could come soon.
President Ursula von der Leyen spoke to CNN's Richard Quest at the World Economic Forum.
"We are working hard on it right now, it's a matter of weeks but we really must find a solution for the investment needs. And therefore, this is important, we have to tailor it in a way that we do not have the situation that Putin can take the oil. That he doesn't sell it to us and [then] sells it at a higher price on the world market," von der Leyen said.
Some EU members, including Hungary, continue to oppose a European Commission proposal to phase out Russian oil by early 2023. A Russian oil embargo would be the sixth package of EU sanctions on Russia since it invaded Ukraine on February 24.
Von der Leyen also said Russia must play a role in Ukraine's reconstruction. "The needs of reconstruction, financial needs are massive, and all of us should pay in, also the international financial institutions," she said. "And I think it would be only fair that Russia also pays its share. Therefore we are now looking into the legal possibilities to also add the assets that are frozen to this reconstruction effort. It's not trivial, it's not easy on the legal ground but we are working on it."