<article><p>The US today sanctioned Russia's state-owned oil company Rosneft and independent gas producer Novatek, limiting their access to the US capital markets.</p><p>Ratcheting up the pressure on Russia for what President Barack Obama called Moscow's "continued provocations in Ukraine," the US Treasury Department today also targeted Russian bank Gazprombank, in which Russian gas company Gazprom holds a 35.54pc stake, and state-owned bank VEB, which acts as a development bank and payment agent for the Russian government.</p><p>Today's actions represent the US administration's effort to expand sanctions pressure beyond individuals to companies, a move Washington has long threatened if Moscow did not do more to help ease tensions in Ukraine.</p><p>Obama said the new measures "are significant, but they are also targeted."</p><p>US officials announced Washington's new sanctions as EU leaders were meeting to discuss their their own package of sanctions provisions. The EU sanctions were expected to be more modest, subjecting 11 additional Ukrainians and Russians to travel bans and asset freezes, and freeze the EU assets of companies alleged to have supported actions that have undermined Ukraine's territorial integrity and sovereignty.</p><p>The US sanctions against Rosneft and Novatek mean the two companies will be unable to access debt financing in the US of longer than 90 days. The sanctions do not prohibit US companies from engaging in other kinds of transactions with those companies. BP holds a 20pc interest in Rosneft, and ExxonMobil is partnering with Rosneft to develop further the Sakhalin 1 project's gas resources. </p><p>The new measures also do not block Rosneft and Novatek's property in the US.</p><p>But the Treasury Department warned the scope of prohibited transactions may be expanded "if the Russian government does not take steps to de-escalate the situation in Ukraine."</p><p>The US already has imposed sanctions on Rosneft chief executive Igor Sechin and board member Sergey Chemezov, as well as Russian billionaire Gennady Timchenko, a key investor in Novatek. French oil giant Total has a 17pc stake in Novatek.</p><p>As with Rosneft and Novatek, the sanctions targeting Gazprombank and VEB prohibit US persons from providing the two banks new debt of longer than 90 days maturity or new equity. The Treasury Department said the sanctions will effectively close the medium and long-term US dollar lending window to the banks.</p><p>The US also is imposing sanctions on Feodosiya Enterprise, which operates a shipping oil facility in the Crimean peninsula. Prior to Russia's annexation of Crimea, Feodosiya Enteprise was controlled by Ukraine's state-owned Naftogaz.</p><p>The new US sanctions also target eight Russian arms suppliers, four Russian government officials, two Ukrainian separatists groups and a separatist leader.</p><p>di/tdf</p><p> Send comments to <a href="mailto:feedback@argusmedia.com" target="_parent"> feedback@argusmedia.com </a></p><br><br><br><br><p> If you would like to review other ArgusMedia.com content options, <u><a href="http://info.argusmedia.com/mailers/News/sectortrial.html?ref=webnews" target="_TOP"> request more information </a></u> about Argus' energy news, data and analysis services. </p><p><i> Copyright © 2014 Argus Media Ltd - <a href="http://www.argusmedia.com/" target="_TOP"> www.ArgusMedia.com </a> - All rights reserved. </i></p></article>