US Congress poised to pass new Russia energy sanctions
The US House of Representatives is expected Tuesday to overwhelmingly approve a number of new sanctions targeting Russia's oil and natural gas sector, including new limitations on US investments in Arctic, deepwater and shale oil projects that are partially staked by Russian firms.
"The legislation, if enacted, is a big political win for members of Congress who want to take a strong stance on Russia," Elizabeth Rosenberg, a senior fellow and director of the energy, economics and security program at the Center for a New American Security, said Sunday, Platts reports. "It will rearrange the way the global energy industry does business with Russia and significantly increase the risk around dealings with Russia."
Rosenberg, a former senior adviser at the US Treasury Department, said the legislative package, unveiled by House leaders Saturday morning after weeks of negotiations, pares back some limitations previously expected to impact US energy companies deeply, including adding a higher threshold on Russian ownership that would trigger sanctions.
The US oil and gas industry "scored a huge win" in the new bill, after lobbying Congress to weaken energy investment language in the Russia sanctions bill passed by the Senate by a 98-2 vote on June 15, Rosenberg said.
