New sanctions of the EU to include restrictions in oil production

The new package of the EU sanctions provides for further limitation of cooperation with Russia in the field of oil production, in particular, companies will be prohibited from cooperation with Russia in the geological exploration of oil deposits on shelf and deepwater fields, the agency Bloomberg reported on Wednesday, cited sources.

According to the agency, such measures may concern the largest American oil company, Exxon Mobil Corporation, as well as the British oil company BP Plc.

In July, the European Union and the United States imposed sectoral sanctions against Russia that restricted the exports of products for the oil industry to Russia, in particular equipment for the deepwater oil production and work in the Arctic. Experts called potential victims of the European sanctions the projects of shelf and difficult reserves development. The sanctions apply to transactions and contracts, concluded from August 1st, 2014.