European Commission: EU didn’t want to do harm to current oil production in Russia and influence on prices

With its sanctions the EU didn’t want to influence oil production in Russia and consequently on the oil price. The export of certain equipment and technologies connected with the energy from the EU to Russia in conformity with new sanctions will be object to the preliminary approval by the respective bodies of the EU. The license issue will be rejected if the equipment is meant for the deep-water production, working in the Arctic and projects in the sphere of shale oil.
A list of technologies, equipment, products the export of which for certain oil project is banned will be made. The sanctions will concern the supplies from the EU to Russia for the amount of about 115 mln euro a year. Our strategy is to be extremely choosy and influence on the technologies used for a number of strategic projects directed for the long-term development of the sector. We wanted to avoid the momentary influence on the current production. We didn’t mean to put extra burden on our exporters, a source in the EU said. Based on their words, the EU wanted to maximally avoid the turmoil in the oil market and on prices.