Acasă » Oil&Gas » EU will tighten sanctions on Russian oil companies, but will not ban imports

EU will tighten sanctions on Russian oil companies, but will not ban imports

15 March 2022
Import-Export
energynomics

EU member states are set to impose new sanctions on Russian oil companies Rosneft, Transneft and Gazprom Neft, but will continue to buy oil from them, a European source told Reuters on Monday.

Russia’s three major oil companies are already subject to European restrictions on lending and debt financing. According to a new package of sanctions to be discussed by European diplomats on Monday evening, Rosneft, Transneft and Gazprom Neft will also be targeted by an investment ban, which would freeze their funding from EU sources for new exploration and production projects.

However, as evidence of EU concerns about the impact of sanctions on oil prices and deliveries, EU governments have insisted on the need to clarify that the new measures will not prevent EU states and companies from buying oil from the three companies, said the source quoted by Reuters, according to Agerpres.

This is in contrast to the actions announced last week by the United States, which banned gas and oil imports from Russia, a decision that caused a significant increase in the price of a barrel of crude oil. However, the United States does not import as much natural gas from Russia as the European Union.

“We will propose a major ban on new European investment in Russia’s energy sector,” European Commission President Ursula von der Leyen said on Friday, but did not say which companies were targeted.

According to the Reuters’ source, several European governments have called for exceptions to allow EU companies to pay their bills to major Russian oil companies and continue to buy crude oil from them. These requests are also to blame for the delays in approving the new sanctions, which were originally scheduled to be approved on Sunday.

Following the changes in the legal texts, which will qualify the fact that it will still be possible to buy oil from Russian companies, European diplomats will discuss and approve the amended proposals on Monday, said the source.

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