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The targeting of major Russian energy firms may come to be seen as the turning point at which U.S. sanctions policy over-reached and spurred a major effort to re-route financial transactions away from the United States.

Prohibiting core Russian energy companies such as Rosneft, Gazprombank, Novatek and Vnesheconombank from arranging equity or long-term debt finance from or through “U.S. persons” marks a major escalation in the sanctions battle between the United States and its European allies on the one hand and the Russian Federation on the other.

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