OMVKY - EU commission to sanction Russian steel prohibit Russian energy investment

The European Commission released a proposal for additional sanctions against Russia Friday, in a step to ratchet up pressure on Putin following continued violence in Ukraine. The measures will "prohibit the import of key goods in the iron and steel sector from the Russian Federation" and are likely to provide a pricing tailwind for European steel producers like Arcelor (NYSE:MT) and international iron ore producers like Vale (NYSE:VALE). Additionally, the Commission will "propose a big ban on new European investments across Russia's energy sector" a measure that is unlikely to impact European energy companies, as Shell (NYSE:SHEL), BP (NYSE:BP) and others have already announced an exit; for Total (NYSE:TTE) and OMV (OTCPK:OMVKY), existing investments appear to be unimpacted.

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EU commission to sanction Russian steel, prohibit Russian energy investment