The European Union is preparing new sanctions against Russia, which will affect state-owned oil companies – Rosneft, Gazprom Neft and Transneft, Britain’s Financial Times newspaper has reported, citing a document approved by the European Commission.
“Those criteria would hit Rosneft, Russia’s largest oil group, and Gazprom Neft, the oil subsidiary of gas giant Gazprom. The language appears to also bar Transneft, the world’s largest oil pipeline company,” reads the statement.
The ban on oil groups would only apply to state-controlled companies with assets of more than 1 trillion roubles ($27 billion) who get more than half their revenues from the sale or transportation of crude oil or petroleum products.
Other Russian oil groups, such as Lukoil and Surgutneftegas, would likely be exempt because of their private ownership.
The ban on oil groups would add to existing sanctions in the U.S. against Rosneft. The U.S. has also targeted Novatek, the Russian gas group, but the EU has been careful to shy away from the sensitive gas sector amid concerns the Kremlin could retaliate by shutting off gas supplies vital to many EU members. Similar sanctions may be applied to the Russian defense concerns.
In addition to the new energy and defense sanctions, the legislation would also give the EU authority to add new individuals to its list of visa bans and asset freezes. If approved, it would allow Brussels to sanction both people and companies who are “conducting transactions with the separatist groups in the Donbas region of Ukraine.”
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