Oil prices are rising in trading on Wednesday after declining in the previous trading session amid reports of new sanctions against Russia and the prospect of suspending its participation in the OPEC+ deal.

European Union countries on Tuesday night agreed on a sixth package of sanctions against Russia, which includes an embargo on imports of oil and oil products shipped from Russia by sea. It is expected to be formally approved in the coming days.

In addition, Britain and the European Union have agreed on a coordinated ban on insurance for ships carrying Russian oil, the Financial Times reported, citing sources.

Meanwhile, some OPEC members are exploring the idea of suspending Russia’s participation in the OPEC+ oil production deal as Western sanctions and a partial European ban begin to undermine Moscow’s ability to produce more oil, the Wall Street Journal reported, citing unnamed OPEC delegates.

Russia, one of the world’s three largest oil producers, agreed with OPEC and nine non-OPEC countries last year to increase oil output on a monthly basis, but its output is now expected to fall by about 8% this year, the WSJ writes.

The cost of August Brent crude futures on London’s ICE Futures exchange by 8:19 Moscow time on Wednesday is $116.09 per barrel, up $0.49 (0.42%) from the previous session’s closing price. At the end of trading on Tuesday, the August contract fell in price by $2 (1.7%) – to $115.60 per barrel.

The price of WTI oil futures for July at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time rose by $0.56 (0.49%) – to $115.23 per barrel. On Tuesday, the cost of these contracts decreased by $0.4 (0.35%), to $114.67 per barrel.