Image courtesy of Erik Norrud/Wikimedia Commons.

Norway signed on to the latest round of European Union sanctions against Russia Friday.

The sanctions will take effect immediately, Russian news agency Tass said.

U.S. and EU companies operating in Russia are currently winding down their projects.

Norway’s government has not specified a suspension deadline for Norwegian companies operating in Russia.

Norway is not a member of the EU but has supported previous sanctions despite its extensive business relationship with Russia.

In September, the U.S. and EU tightened financial sanctions against Russian oil companies including Rosneft, Gazprom and pipeline operator Transneft that would prohibit the companies from receiving bank loans with a maturity date longer than 30 days.

Exports of technology and equipment for deepwater exploration and production to Russia was already barred by previous sanctions along with the exploitation of oil and gas resources in the Russian Arctic and at onshore shale plays.

The new sanctions do not target Russia’s gas sector. The export of space and civilian nuclear technologies to Russia are also unaffected by the sanctions.

The sanctions were spurred by the ongoing conflict in eastern Ukraine where Russia has been providing support for pro-Russia rebels who do not want Ukraine to develop closer ties with the EU.


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