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Newsline: EU diplomats agreed to tighten sanctions on Russian oil companies

European Union states are set to adopt new sanctions against Russia’s oil majors Rosneft, Transneft and Gazprom Neft, but will continue to buy oil from them, an EU source told Reuters on Monday. (https://www.aol.com/eu-tighten-sanctions-russian-oil-140236899-151358649.html) The three companies are already subject to EU restrictions on loans and debt financing. Under the new package to be discussed later on Monday by EU top diplomats, they will also face an investment ban, which is expected to freeze their funding from sources in the EU in new production and exploration projects in all fossil fuels. But in a sign of EU’s concerns about the impact of sanctions on oil prices and supplies, EU governments insisted on clarifying that the new measures would not prevent EU states and companies from buying oil from the three Russian companies, the source said. That contrasts with action by the United States last week to ban oil imports from Russia, which led to a jump in oil prices. The United States does not import as much gas from Russia as the EU does. Under the new EU sanctions, Rosneft, Transneft and Gazprom Neft would be subjected to a “transaction ban,” the official said, which would block investments and other transfers of financial resources to them.

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