EU says no FDI in Crimean oil

Russia

BRUSSELS, December 24, 2014 – The EU has passed a resolution to ban investment in Crimea, halting European assistance for Russian Black Sea oil and gas exploration.

The measures will come into affect on Saturday in further efforts to bolster the EU’s sanctions for the annexation of the Crimea by Russia and weaken its flailing economy.

As oil and gas are the mainstays of Russia’s income, the sanctions will hit twice as hard since the price of crude has been sliding since shortly after the conflict began in March.

Reuters reported in December that the move prevents companies from EU member states exporting goods and technology used oil and gas exploration and production.

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