EU sanctions to hit Russian refineries but not oil and gas exports

The EU has announced “massive and targeted” sanctions on Russia after an emergency summit last night.

Financial sanctions will target 70% of Russian banks and state-owned companies, as well as defense, EU Commission President Ursula von der Leyen said.

Like the US sanctions announced by President Joe Biden earlier yesterday, EU sanctions will not extend to directly cover Russian energy exports. Italy, Germany and other European countries heavily reliant on oil and gas imports from Russia have pushed back against this.

But EU sanctions will target Russia’s access to technology and equipment for refineries, aircrafts and software.

“Our export ban will hit the oil sector by making it impossible for Russia to upgrade its refineries,” von der Leyen said.