EU Puts Top Russian Oil Companies on Sanctions List

September 9, 2014

The European Union put Russia's top oil producers and pipeline operators Rosneft, Transneft and Gazprom Neft on its list of Russian state-owned firms that will not be allowed to raise capital or borrow on European markets, an EU diplomat said, writes Reuters.

EU sanctions, however, do not encompass the gas sector and in particular state-owned Gazprom, the world's biggest gas producer which is also the biggest gas supplier to Europe.

In general, the EU sanctions on raising money in the European Union for Russian companies will apply to firms that have turnover of more than 1 trillion roubles(26.95 billion US dollar) and half of that is generated from the sale or transport of oil, the diplomat said.

The sanctions will be agreed unless by 1300 GMT one of the EU governments objects to the deal, that was reached by ambassadors of the 28 EU countires already on Friday night.

They will enter into force after being published in the official journal of the European Union, which could happen at midnight. (1 US dollar = 37.1000 Russian rouble) (1 euro = 48.0445 Russian rouble)

(Reporting By Tom Koerkemeier)

Copyright 2014. Reuters