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 EU Amended Economic Sanctions Against Russia Regulations

Brussels clarified the wording of regulations concerning sanctions on oil production imposed against Russia.

The relevant document was published in the Official Journal of the European Union, Censor.NET reports citing Ukrainska Pravda.

According to the amendments, the technology restrictions are applied not only to the territory of Russia, but also to its Exclusive Economic Zone and Continental Shelf.

Read also: House of Representatives Passes Resolution Calling on Obama to Introduce New Sanctions Against Russia and Provide Weapons to Ukraine

At the same time, it is noted, that the ban on the supply concerns only the technology designed "for oil exploration and production in waters deeper than 150 meters as well as in the offshore area north of the Arctic Circle."

As for the production of shale oil, the amendments will only prohibit to supply to Russia the technology designed for "projects that have the potential to produce oil from resources located in shale formations by way of hydraulic fracturing".

However these restrictions do not apply to exploration and production through shale formations to locate or extract oil from non-shale reservoirs.

In addition, the EU may grant permission to supply Russia with technology, which is subject to the sanctions, if it is "necessary for the urgent prevention or mitigation of an event likely to have a serious and significant impact on human health and safety or the environment."

Read also: US Predicts Drop in Oil Prices Below $40 - Media

In duly justified cases of emergency, the sale, supply, transfer or export may proceed without prior authorisation, provided that the exporter notifies the competent authority within five working days after the sale, providing detail about the relevant justification for the sale, supply, transfer or export without prior authorisation.



 
 
 
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