EU to tighten sanctions on Russian oil companies, but stops short of import ban – source
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Brussels, March 14 (Reuters) – European Union countries will adopt new sanctions on Russian oil department Rosneft (Rosn.mm), Transneft (TRNF_P.mm) and Gazprom Neft, but will continue to buy oil from them, the EU source told Reuters on Monday.
The three companies are subject to UE restrictions on debt loans and financing. Under the new package that will be discussed later on Monday by EU Top Diplomat, they will also face investment prohibitions, which are expected to freeze their funds from sources in the EU in new production and exploration projects in all fossil fuels.
But in a sign of concern about the impact of sanctions on the price and oil supply, the EU government insisted on clarifying that new steps would not prevent EU countries and companies buy oil from three Russian companies, the source said.Under UE sanctions, Rosneft, Transneft, and Gazprom Neft will be the target of “transaction prohibitions,” the official said, which will block investment and transfer other financial resources to them.
It contrasted with action by the United States last week to ban oil imports from Russia, which caused a surge in oil prices. The United States does not import gas as much as Russia as it is done by the EU. Read more .
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