European Commission proposes full ban on transactions with Gazprom Neft, Rosneft - von der Leyen

The European Commission has proposed a full ban on transactions with Gazprom Neft and Rosneft as part of the 19th package of anti-Russian sanctions, European Commission President Ursula von der Leyen said on Friday, as per Interfax.

"Major energy trading companies Rosneft and Gazprom Neft will now be on a full transaction ban," she said in a video address.

We remind, the State Oil Company of the Azerbaijani Republic (SOCAR) is interested in participating in the development of hydrocarbon fields in Turkmenistan, Azerbaijani Deputy Economy Minister Sahib Alakbarov said at the TIF 2025 Investment Forum in Turkmenbashi, Turkmenportal reported. The sphere of electricity deserves special attention in the cooperation between the two countries, Alakbarov said.

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American chemical company DuPont de Nemours Inc. has lowered its revenue outlook for the current year due to the sale of its aramid fiber business and the spinoff of its electronics materials segment, as per company.

The company now expects revenue of $6.87 billion this year, down from its previously expected $12.85 billion, according to a company statement.

For the third quarter, the new guidance calls for revenue of $2.98 billion with adjusted earnings per share of $1.06 (previously estimated at $3.32 billion and $1.15, respectively).

DuPont also expects annual revenue growth rates of 3-4% and adjusted earnings of 8-10% through 2028.

At the end of August, DuPont agreed to sell its aramid fiber business to Arclin for $1.8 billion. The company also plans to complete the spinoff of its electronics division, including its chip materials business, by November 1.

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The European Commission (EC) has published a set of proposals included in the 19th sanctions package against Russia. EC President Ursula von der Leyen announced in her statement that the European Union (EU) is now targeting oil refineries, oil traders, and petrochemical companies in third countries, including China and India, as per Reuters.

It proposes accelerating the phase-out of Russian liquefied natural gas (LNG) by January 1, 2027, and imposing a complete ban on transactions with oil companies. Sanctions against oil companies and refineries in third countries are also proposed. The European Commission is calling for a reduction in the price ceiling for Russian oil at $47.6 per barrel.

As part of a new sanctions package, the European Union plans to impose restrictive measures against the Russian payment system Mir and strengthen the fight against sanctions evasion. The restrictions will affect cryptocurrency platforms, and a ban on cryptocurrency transactions will be introduced.

The restrictions will also affect foreign banks associated with Russian alternative payment systems. Furthermore, transactions with organizations in special economic zones will be limited.

The European Commission is proposing to tighten export controls for companies from Russia, India, and China, as well as to ban the export of certain chemicals, ores, metal components, and salts.

The sanctions list will include 45 Russian and foreign companies and 118 vessels, allegedly belonging to the "shadow fleet." In total, this list includes more than 560 vessels.

On September 19, European Commission spokesperson Paula Pinho announced at a briefing that the EC had approved the 19th sanctions package against Russia and would present it later that day.

On September 16, Politico reported that consideration of restrictions under the 19th sanctions package had been postponed indefinitely, as US President Donald Trump and the European Union continued to increase pressure on Slovakia and Hungary to reduce their dependence on Russian oil. On September 18, the publication, citing diplomats, reported that the EC could present an official proposal for a new package of measures on September 19 or 22. Media outlets also reported that the new package would include restrictions on issuing Schengen visas to Russians. The package presented by the EC does not include such a measure.

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UK-based Ineos will indefinitely shut down propylene oxide (PO) and propylene glycol (PG) production in Europe even if chlorine supply resumes to its idled 210,000 t/yr chlorohydrin-based PO production plant in Germany, said the company.

The firm has notified clients, in a letter dated 8 September, it would cease production of PO and PG with immediate effect. Ineos has also withdrawn from industry association Cefic's PO and PG working group from 2026.

Ineos' PO production plant at Cologne supplies its 120,000 t/yr PG production unit nearby. Both plants have been offline since a fire on 12 July caused a power outage at Germany's Chempark Dormagen. That in turn prompted German chemical firm Covestro on 15 July to declare force majeure on a range of products, including chlorine. Covestro provides chlorine to Ineos' Cologne PO production plant, which then had to shut down, and Ineos declared force majeure on its PG production on 18 July. Ineos did not declare force majeure on its PO production, which is mainly for captive use.

Repairs are underway at Chempark Dormagen but the damage was extensive and full operations are unlikely to resume before the first quarter of 2026. But Ineos has told clients it will not resume PO or PG production.

The decision may predate the fire in July, as some downstream users of Ineos' PO have been seeking alternative sources since at least the middle of the second quarter.

Ineos has this week declined to comment.

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Syngenta Group (Basel, Switzerland) has announced the appointment of Emilhano Stefanello Lima as the new global head of its seedcare and biologicals business division, as per Chemweek.

Lima succeeds Jonathan Brown, who has recently transitioned to the role of head of Europe.

Lima brings nearly three decades of experience to his new position, having joined Syngenta in 1998. Throughout his tenure, Lima has held various leadership roles in the company.
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