European energy companies face unprecedented uncertainty as a result of Russia’s invasion of Ukraine. As noted in our last White Paper, many countries have progressively imposed increasingly significant sanctions on Russia and Belarus. These have included targeted sanctions on Russian institutions, state-owned enterprises and political elites, restrictions on debt and equity instruments, as well as a broad range of other restrictions that impact the energy sector, including import and export controls (with, most recently, the European Union’s introduction of a phased prohibition on the import of crude oil and certain petroleum products from Russia into the European Union on June 3, 2022).
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