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Russian companies hit by Western sanctions

Russia’s biggest oil company Rosneft and several other significant players have been hit by US sanctions, and the EU also chose to tighten its sanctions against the country Wednesday evening.

Photo: Mikhail Klimentyev, AP - polfoto

Both US and the EU are tightening its grip on Russia by imposing further sanctions against the country. At a summit of EU Heads of State and Government on Wednesday evening in Brussels, a decision was reached to ask European Investment Bank and European Bank for Reconstruction and Development (EBRD) to halt further investments and financing of new projects in Russia.

The tightened sanctions come in response to Russia’s continued role in the conflict in the Ukraine and because Russia has failed to live up to the demands posed by EU leaders at their previous summit almost three weeks ago.

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