The European Union is working on a new package of sanctions aimed at targeting the shadow fleet of tankers Russia is using to get its oil to market, according to people familiar with the matter.

According to the report, the EU may approve the new restrictions by the end of the year. The package includes restrictions against the "shadow fleet" and individuals involved in the illegal trade of Russian oil.

MEPs have voted for targeted sanctions against Russia's so-called shadow fleet of oil tankers which has allowed Moscow to export large volumes of crude oil and petroleum products despite EU, G7 and international sanctions.

The European Parliament passed a resolution on 14 November, urging the EU to impose targeted sanctions on Russia's so-called shadow fleet, which enables the country to sell oil while circumventing Western price caps.