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Europian Union

The EU targets Russian oligarchs and Energy sector

Global Affairs

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. More corporate executives who support Russia’s government have had their assets frozen, including Chelsea football club owner Roman Abramovich as well as the head of Russian state Television Network One, Konstantin Ernst, who have been included to a blacklist that already comprises dozens of wealthy 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 On Monday, the EU achieved a preliminary agreement upon that new measures. The…