Browsing: energy

Europian Union

For its military intervention in Ukraine, the European Union has imposed fresh sanctions on Russia, including prohibitions on Russian energy sector investments, luxury goods exports to Moscow, and steel imports from Russia. Moreย corporateย executivesย whoย supportย Russia’sย governmentย haveย hadย theirย assetsย frozen,ย includingย Chelseaย footballย clubย ownerย Romanย Abramovichย asย wellย asย theย headย ofย Russianย stateย Televisionย Networkย One,ย Konstantinย Ernst,ย whoย haveย beenย includedย toย aย blacklistย thatย alreadyย comprisesย dozensย ofย wealthyย Russians. What are those new sanctions? The new sanctions come after three rounds of punitive measures, including the freezing of the Russian central bank’s assets, the exclusion of some Russian and Belarusian banks from the SWIFT banking system, and the freezing of the assets of oligarchs but also top politicians, along with Russia’s President Vladimir Putin as well as foreign minister Sergey Lavrov. According to the European Commission, the penalties include “a broad restriction on new investment in Russia’s energy industry.” The sanctions will affect Russia’s oil companies Rosneft, Transneft, and Gazprom Neft, who might face a transaction ban, although EU representatives will still be allowed to acquire their oil and gas. Impact on Companies Onย Monday,ย theย EUย achievedย aย preliminary agreement upon that new measures. The…