Energy sector

Energy export fills a fundamental bearing function in the russian economy (expand with references). Besides the economic importance, it has long been used as geopolitical leverage to affect countries in a position of dependence (reference). The desired effect of this set of measures is to reduce resources that the russian state commands, and in particular inflows of foreign currency, but also to limit this source of geopolitical power.

The EU banned:

• the import of Russian coal, which was the largest source of coal imports for the EU before the ban.

• the import of Russian natural gas, although some countries have been granted temporary exemptions to ensure energy security.

• the import of Russian crude oil and petroleum products (this includes UK)

In addition to these import bans, the EU has also restricted certain types of financing and insurance for energy projects in Russia, including the Nord Stream 2 pipeline.

Moreover, a US- and EU-led coalition of Western countries

• banned the export of oil refining equipment and technology to Russia, which also applies to non-EU members (through a licensing system)

• restricted insurance and financing for Russian oil tankers

The EU and G7 (Canada, France, Germany, Italy, Japan, the UK, and the US) imposed:

• a ban on new investments in the Russian energy sector

• restrictions on the export of key technologies and services used in the energy sector, such as drilling and exploration equipment.

• sanctions on Russian individuals and entities involved in the oil sector

• a ban on the provision of maritime navigation services to Russian vessels

• restrictions on the ability of Russian energy companies to access financing from Western banks and financial institutions.

• a price cap on Russian crude oil

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