The EU will tighten sanctions against Russian oil companies, but will not ban imports – Reuters

EU countries intend to impose new sanctions on Russian oil companies but will continue to buy oil from them.

This was reported by a source in Reuters.

According to the publication, the EU states plan to adopt new sanctions against Russian oil companies Rosneft, Transneft, and Gazprom Neft. These three companies are already subject to EU restrictions on credit and debt financing.

But the new measures will not prevent EU states and companies from buying oil from three Russian companies.

According to a source in the EU, under the new sanctions, Rosneft, Transneft, and Gazprom Neft will be banned from "operations," which will block investments and other transfers of financial resources.

"We will propose a major ban on new European investments in Russia's energy sector. This ban will apply to all investments, technology transfers, financial services, etc. for energy exploration and production," said EU Commissioner Ursula von der Leyen on March 11, announcing sanctions, but without specifying the target companies.

According to the source, many EU governments have asked to emphasize that they will allow European companies to pay their bills to Russia's large companies and continue to buy their oil.