Next week, the commission will present a long-awaited proposal on strengthening energy independence, especially from Russia.
The commission has been reaching out to several gas producers — including the United States, Qatar, Azerbaijan, Nigeria and Egypt — and to Japan and South Korea, to see whether they could redirect some of their imported supplies to Europe.
countries are members of the International Energy Agency, and they are obliged to hold at least 90 days of oil reserves.
Uber struck a partnership with Yandex in 2017, aiming to end a costly battle between the competing businesses, and took a stake in its ride-sharing service.
The majority of commercial aircraft flown by Russian companies are leased, more than half of them from companies abroad.
At stake is the fate of hundreds of planes worth an estimated $12 billion, according to Ishka, a consulting firm that specializes in the aviation industry.
“Where in the world can they go? Will they play ball? Will there be any edict from above, telling not to cooperate?” he said.
Based in Dublin, AerCap is likely to be the company most heavily exposed to the sanctions, with 152 planes valued at nearly $2.5 billion in Russia and Ukraine, according to IBA.
For a company as large as AerCap — the company had assets of $75 billion at the end of 2021 — the losses could be bearable, aviation experts said.
“It could prove very costly for the lessors,” Mr. Seymour said.
If leasing companies were unable to recover their planes, they would end up taking on all of the risk associated with the aircraft, said Paul O’Driscoll, a consultant with Ishka.
American gasoline prices have risen about a penny a gallon every day over the last week, according to surveys by the AAA motor club.
Western oil companies may decide that doing business with Russia is not worth the risks, especially if Western technology and oil services are either hit with sanctions or because financial sanctions will impede Russian payments.
BP said on Sunday that it would “exit” its nearly 20 percent stake in Rosneft, the giant Russian company, and remove its two representatives from the Rosneft board.
Another wild card will be Russia’s stance at a meeting on Wednesday of OPEC Plus, in which it is a partner with Saudi Arabia and other major producers.
In Russia, the ruble cratered, and the Bank of Russia responded by more than doubling its key interest rate to 20 percent to try to control the damage from the sanctions.
Oil prices rose about 3 percent on Monday, and shares of energy producers were among the best performers on Wall Street.
The European Central Bank said that Sberbank Europe, a subsidiary of one of Russia’s biggest banks, was on the verge of collapse Monday as Western sanctions took a toll.
Shares of BP, the British oil company, fell 4 percent in London after it said on Sunday that it would no longer hold its 20 percent stake in the Russian oil giant Rosneft.
The New York Stock Exchange and Nasdaq on Monday halted trading of shares of several Russian companies, including the steel company Mechel PAO and the internet company Yandex.
The yield on U.S.
Shell, Europe’s largest oil company, said on Monday that it would exit its joint ventures with Gazprom, the Russian natural gas giant.
“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression,” Ben van Beurden, Shell’s chief executive, said in a statement.
There is much at stake here for both Russia and the Western companies, including loss of profits, but not as much as there might have been had the crisis in Ukraine occurred a decade or two ago.
On Monday, Equinor, the Norwegian energy company, said it would “stop new investments into Russia” and “start the process of exiting” joint ventures there.
All of the Western oil companies’ deals in Russia over the last three decades must now be considered at risk, although the extent of their activities there and their importance to their overall results varies.
BP took the most difficult yet potentially rewarding approach, investing $8 billion in a joint venture called TNK-BP in 2003 with a group of Russian oligarchs and applying its technology and know-how to improve operations.
But BP’s connection to Russia became increasingly untenable under Mr. Putin and his aggressive approach to his neighbors.
Even though some analysts applauded BP’s announcement, many investors were apparently rattled by the news that BP would lose about one-third of its reported oil and gas production and substantial profits that came to $2.4 billion last year.
Shell, which only recently moved its headquarters to London from the Netherlands, said it would exit four joint ventures that it has with Gazprom and its subsidiaries.
Shell said it would be taking an unspecified write-off.
Giacomo Romeo, an analyst at Jefferies, an investment bank, said that supplies from the Yamal venture are vital to Total’s liquefied gas business, which in turn is an important pillar in the company’s efforts to reduce the carbon emissions of its products.
WASHINGTON — The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V.
“The unprecedented action we are taking today will significantly limit Russia’s ability to use assets to finance its destabilizing activities, and target the funds Putin and his inner circle depend on to enable his invasion of Ukraine,” Treasury Secretary Janet L.
Russia has spent the last several years bolstering its defenses against sanctions, amassing $643 billion in foreign currency reserves in part by diverting its oil and gas revenues and reducing its holdings of U.S.
Because the United States has acted in coordination with European allies, Russia’s ability to use its international reserves to support its currency has been curbed.
“This is simply unprecedented to a scale and scope that we haven’t seen since the Cold War,” said John E.
The sanctions on the Russian Direct Investment Fund represent an expansion of the effort to sever Russian financial ties from the rest of the world and punish Russian elites.
The fund, according to its website, works with the “world’s foremost investors” to make direct investments in leading and promising Russian companies.
They noted that the value of Russia’s ruble had already fallen more than 30 percent over the weekend and that Russia’s central bank more than doubled its interest rate to try to mitigate the fallout.
Switzerland, a favorite destination for Russian oligarchs and their money, announced on Monday that it would freeze Russian financial assets in the country, setting aside its tradition of neutrality to join the European Union and a growing number of nations seeking to penalize Russia for the invasion of Ukraine.
Murphy, Democrat of Connecticut, said after a classified briefing on Monday that the United States and allies were preparing to go beyond freezing the assets of Mr. Putin and Russian oligarchs and actually begin seizing them.
The carve-out means that energy payments will continue to flow, mitigating risks to global energy markets and Europe, which is heavily reliant on Russian oil and gas exports.
“The U.S.
The measures announced on Monday were born from lessons the United States has learned since imposing sanctions on Russia after its annexation of Crimea in 2014.
Bush administration, said that sanctions had become the international response of choice to Russia’s aggression, but that nations would have to be rigorous in ensuring that its central bank assets remained ring-fenced and that Russian financial transactions were blocked.
Volvo Cars, which is a separate company from Volvo Trucks, sold 9,300 vehicles in Russia last year, or about 1 percent of the automaker’s worldwide total.
President Xi Jinping of China has been one of the few world leaders to maintain close political and economic ties with Russia and its president, Vladimir V.
On Saturday, the European Commission, Britain, Canada, France, Germany, Italy and the United States said some Russian banks would be removed from the SWIFT financial messaging system.
It’s a move that essentially bars the banks from international transactions, and it represents a significant escalation in the economic response to the invasion.