EU Reacts to Impact of Russia Sanctions Bill on European Energy Investments
August 2, 2017
On August 2, 2017, President Donald Trump signed a bill imposing new sanctions on Russia. Days earlier, the proposed legislation sparked a vigorous reaction in the European Union.
Although these measures are intended to target Russian entities, European and national authorities have criticized them in light of possible collateral damage to European companies investing in regional energy projects.
On July 26, 2017, European Commission President Jean-Claude Juncker warned of “unintended unilateral effects that impact the EU’s energy security interests”. In the same vein, the French government opined that the extra-territorial reach of the text appears to breach international law. The German and Austrian governments also issued a joint statement disapproving of the proposal’s encroachment into European energy supply matters.
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