The EU is considering setting a price ceiling and customs duties on Russian oil imports to stop the flow of vital revenues to the Kremlin, the Financial Times (FT) reports.

These measures were proposed before the EU negotiations on additional sanctions against Russia.

Setting a price cap and customs duties on Russian oil imports will allow the EU to undermine Moscow's finances while preventing economic chaos caused by a full embargo. According to Eurostat, Russia supplies about a quarter of EU oil.

Italy supported the idea of setting an upper limit on the price of Russian oil, but other EU countries are not so interested. Germany, the EU's largest economy and a main importer of Russian energy, will suffer the most from measures to reduce Russian energy supplies.

A senior German official told FT that setting a price cap would be a difficult process and a breach of contract, while another said the idea was "not taken seriously."

Germany, which buys about 25 percent of its oil from Russia, has said it will suspend imports of Russian oil by the end of the year, and has asked for patience as pressure is put on for a full embargo as soon as possible.