• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours In a Nutshell...
  • 1 day No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 1 day The Coal Industry May Never Recover From The Pandemic
  • 12 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 2 days A Real Reality Check on "Green Hydrogen"
  • 2 days Why Oil could hit $100
  • 16 hours Where is Alberta, Canada headed?
  • 1 day During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 day Putin Paid Militants to Kill US Troops
  • 2 days Why Wind is pitiful for most regions on earth
Who Will Get Full Control Of Libya’s Oil Riches?

Who Will Get Full Control Of Libya’s Oil Riches?

Libya’s conflict is wide-open again,…

Russia Eyes Another Massive Gas Pipeline To China

Russia Eyes Another Massive Gas Pipeline To China

Russia and China see further…

EU Court Rejects Russian Challenge To Sanctions Over Ukraine Energy Crisis

The General Court of the European Union upheld sanctions imposed on several Russian oil companies and banks after the annexation of Crimea in 2014 and Russia’s involvement in the Ukraine crisis, Reuters reports, citing a statement by the court.

“The General Court of the EU upholds restrictive measures adopted by the Council against a number of Russian banks and oil and gas companies in connection with the crisis in Ukraine,” the statement read.

The EU initially imposed sanctions on Russian energy companies and banks, including Rosneft, Gazprom Neft, Sberbank, VTB Bank, after Moscow annexed the Crimean Peninsula after a referendum in early 2014. Later, the EU tightened the punitive measures after Russia offered military support for anti-government rebels in eastern Ukraine.

Last month, the UK tried to convince the EU to add more sanctions against Russia, using the argument that the EU should stand “shoulder to shoulder” with the United States. The United States approved more sanctions against Russia earlier that month. Current EU sanctions against Moscow are set to expire at the beginning of next year.

While the EU seems to be united in its stance on Crimea, Ukraine, and the sanctions, Italy’s Interior Minister, Matteo Salvini, recently said, speaking to Russian media, that “the sanctions against Russia do not have any economic, political, social or cultural sense.”

While the topic of whether sanctions make or do not make sense, a report from a research body, the Austrian Institute of Economic Research, last year said that the EU has suffered losses because of the sanctions, since Russia retaliated by cutting EU imports.

Between 2014 and 2016, European exports to the former Soviet bloc as a whole have fallen by some 5.7 percent annually, and about 40 percent of the fall was due to the sanctions, the institute said.

Russian oil companies, however, have thrived, benefiting from a cheaper ruble—also resulting, to a significant extent, from the sanctions—and higher international oil prices.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News