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New EU Sanctions Against Russia May Affect Energy Giants: Reports

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The new round of the European Union’s economic sanctions against Moscow will restrict the Russia-EU cooperation in energy sector, prohibiting European companies to search Russia’s Arctic, deep seas and shale formations for crude oil, reported Bloomberg, citing three unnamed US officials.

MOSCOW, September 11 (RIA Novosti) -The new round of the European Union’s economic sanctions against Moscow will restrict the Russia-EU cooperation in energy sector, prohibiting European companies to search Russia’s Arctic, deep seas and shale formations for crude oil, reported Bloomberg, citing three unnamed US officials.

According to the agency’s sources, once the EU decides upon the new restrictions the United States will follow with a similar package. The new measures, if implemented, would affect world’s largest energy corporations, including Exxon Mobil Corporation and BP Plc.

On Monday, the European Union officially adopted a new package of sanctions against Russia over its alleged role in the Ukrainian crisis, but postponed its coming into force in order to examine the implementation of the ceasefire agreement in Ukraine.

The new sanctions list reportedly includes Russia’s Rosneft, Gazpromneft and Transneft energy firms, as well as state-run companies with a turnover of more than $27 billion annually.

On Wednesday, Reuters reported that the ambassadors to the European Union countries have failed to reach a decision on whether to implement new sanctions against Russia, and will continue discussions on Thursday.

Relations between Russia and the West have deteriorated as a result of the ongoing situation in Ukraine. In late July, the EU and the United States shifted from issuing sanctions against individuals to measures, targeting entire sectors of the Russian economy

In August Russia responded to Western sanctions with a ban on certain food imports from the European Union, the United States, Canada, Australia and Norway.

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sanctions, Gazpromneft, Transneft, European Union
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