EU names oil trio on sanctions list
Rosneft and Gazprom Neft have both been officially named by the European Union as two of three Russian oil industry companies targetted by its latest package of sanctions.
Pipeline operator Transneft was also confirmed as a target of new measures against Russian companies and individuals over the annexation of Crimea from Ukraine earlier this year.
It had been widely reported that the trio were to be hit with the latest EU sanctions package that was agreed on Monday before taking effect on Friday.
The measures, following others from the EU and US, came into force once they were published in the official EU journal early on Friday morning.
The latest round of sanctions are designed to restrict access for sanctioned entities to European capital markets and also target services to the deep-water oil, shale oil and Arctic oil spheres.
Although the latest package of “further restrictive measures” aimed at Russia’s oil industry in particular was adopted on Monday, the European Council held off implementing it as it monitored the progress of the ceasefire in eastern Ukrainian regions.
The EU has stressed, however, "the reversibility and scalability of our restrictive measures".
The Council said on Thursday: "Therefore, in the light of the review and if the situation on the ground so warrants, the Commission and the European External Action Service are invited to put forward proposals to amend, suspend or repeal the set of sanctions in force, in all or in part.
"It is expected that the Council will consider these proposals urgently with a view to take action if appropriate."
The EU also named various companies related to Russia's weapons industry and 24 individuals, including a host of regional officials, in Friday's journal.
Upstream has made a request for comment on Friday's development to Gazprom Neft. A spokesperson for Rosneft said "no comment". A spokesperson at Transneft would not comment.
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