In the event of Brexit there could be long-term consequences for UK-Russia energy links, if the UK’s policy on sanctions against Russia changes to reflect its vocal opposition to the current Russian government, and close relationship with the US. “There is a good chance the UK would eventually toughen sanctions against Russia, if and when a deal to leave the EU is finalized,” Paul Sheldon at Platts Analytics said. Currently the UK is a participant in EU sanctions against Russia introduced gradually since 2014 in response to Russia’s role in the conflict in Ukraine. These include restrictions on Russian oil and gas companies’ access to long-term financing and technology used in offshore Arctic, shale and deep-water oil production. UK officials have indicated they will carry over all EU sanctions and can do so via the Sanctions and Anti-Money Laundering Act passed last year. If Brexit goes ahead there may be a greater chance of the EU and UK pursuing different sanctions policies in the longer term, however. The UK has long been one of the most vocal critics of the Russian government within the EU. Last year it pushed for harsher sanctions in the wake of suspected Russian involvement in… continue reading
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Source: CTRM Center