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​US, EU to ban Exxon, BP and Shell from oil exploration in Russia – report


These sanctions would reportedly not interfere with current oil drilling and production from conventional land-based wells and those along the shallow edges of inland seas, some of which have been pumping crude for decades, according to the officials.

The ban would only target reserves that would not begin providing crude to global energy markets for the next five to 10 years.

All of the officials asked to not be named. The EU has failed to agree on whether to impose its new round of sanctions on Russia. The announcement of the final decision has been held off as the ambassadors from the 28 EU members convene to continue discussions on Thursday.


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