Brussels — The European Union’s 19th package of sanctions against Russia will list four companies involved in China’s oil industry that circumvent Western restrictions, EU diplomatic sources said on Wednesday.
They said the package lists two independent Chinese oil refineries, a Chinese trading firm and an entity involved in circumvention. The latter is mostly involved in sectors outside oil, they said. The sources declined to provide further details.
The final text of the package has been approved by member states but it has not been adopted yet owing to reservations from Slovakia on unrelated matters. Sanctions require unanimity to be passed.
EU diplomats expect the package, which was initially proposed a month ago, to be adopted before the end of this week.
The EU had been eyeing some Chinese refineries since the summer for buying Russian crude from Moscow’s already sanctioned shadow fleet. In tandem with the rest of the Group of Seven (G7) nations, the EU is trying to further drain Russia’s means to fund its war in Ukraine by squeezing vital oil and gas revenues.
Meanwhile, non-EU Britain last week listed Russia’s biggest oil companies Rosneft and Lukoil, a Chinese refinery and several Chinese ports as subject to sanctions.
*Julia Payne; editing: Hugh Lawson & Mark Heinrich – Reuters
This article was originally posted at sweetcrudereports.com
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