Western Sanctioned Russia, Involving Oil Industry

Western announced to expand sanction on Russia involving finance, oil industry and military which caused international political and economic situations tighter. Under the background of globalization, shock wave caused by confrontation between western and Russia is worrying. Analysts consider that new sanction by western will damage Russian economy further but results caused by sanction may also hurt themselves. 


On July 29, Jose Barroso, the President of European Commission and Van Rompuy, the President of European Council announced a joint statement to allow EU to sanction Russia further including finance, military industry and oil industry. That is the strictest sanction of EU on Russia for crisis in Ukraine so far.


New sanction contains limitation of Russian state-owned financial situations to enter into financial market of RU, implementation of arms embargo on Russia and prohibition to exporting dual-use goods utilized by military users to Russia, restricting Russia to acquire sensitive technology from EU, especially sensitive technology used for oil industry.


On the same day, the U.S.also put forward new sanction. Obama, the President of the U.S.made a speech at the White House, announcing to sanction on energy, military and finance of Russia further. 

Western Sanctioned Russia, Involving Oil Industry

Jul 31,2014
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