The EU has sanctioned major refineries as part of a broad 19th Russian sanctions package, which mounts pressure on the Kremlin’s foreign trade partners and bans transactions with energy major Rosneft, a subsidiary of which holds stakes in three German refineries. The European Commission confirmed a decision to impose a full transaction ban on Russia’s state-owned Rosneft, which was previously afforded energy-related exemptions.
“While it is early days in the same way that the UK has provided exemptions, I expect the EU and US to have either designed their sanctions, or put in place appropriate permissions, to allow the Rosneft entities under German trusteeship to continue operating,” Bracewell’s Mark Hunting told S&P Global.
