German Chancellor Friedrich Merz said he’s optimistic that the US will exempt Rosneft PJSC’s German unit from Washington’s latest sanctions against Russia.

The European Union has approved a sweeping new package of sanctions against Russia, intensifying its economic campaign against Moscow’s war machine. Key Takeaways: The EU approved a new sanctions package banning Russian LNG imports and tightening banking and crypto restrictions.

The effectiveness of US sanctions against Russian oil companies Rosneft and Lukoil depends on their enforcement by major importers India and China, according to an international trade expert in Berlin.