EU plans to tighten sanctions on Russian oil companies

TEHRAN, Mar. 14 (MNA) – The EU plans to impose sanctions against Russian oil giants Rosneft , Transneft and Gazprom Neft and block investments in fuel production, media have reported on Monday.

European Union states are set to undertake new sanctions towards Russia’s oil majors Rosneft , Transneft and Gazprom Neft, but will proceed to purchase oil from them, an EU source told Reuters on Monday.

The three corporations are already topic to EU restrictions on loans and debt financing. Under the brand new package deal to be mentioned later on Monday by EU prime diplomats, they will even face an funding ban, which is predicted to freeze their funding from sources within the EU in new manufacturing and exploration initiatives in all fossil fuels. But in an indication of EU’s issues in regards to the affect of sanctions on oil costs and provides, EU governments insisted on clarifying that the brand new measures wouldn’t stop EU states and corporations from shopping for oil from the three Russian corporations, the source stated.

That contrasts with motion by the United States final week to ban oil imports from Russia, which led to a bounce in oil costs. The United States doesn’t import as a lot fuel from Russia because the EU does.. Under the brand new EU sanctions, Rosneft, Transneft and Gazprom Neft could be subjected to a “transaction ban,” the official stated, which might block investments and different transfers of monetary assets to them.

Many EU governments requested carve outs that might permit EU corporations to pay their payments to the Russian majors and proceed shopping for their oil, the source stated. That request has led to a slight delay within the approval of the brand new sanctions, which had been initially submitted for approval on Sunday.

Oil prices have risen sharply since the western countries announced oil bans on Russia though the rising prices have stopped over the past few days.

The US administration has sent a delegation to Venezuela to discuss resuming oil exports to the US with Nicolás Maduro's government in a bid to curb the hike in oil prices.


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