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Friday, 25 July 2014 | MYT 11:25 PM

Factbox - What European businesses say about Russia sanctions

(Reuters) - European Union ambassadors reached a preliminary agreement on Friday to push ahead with hard-hitting economic sanctions against Russia over the Ukraine crisis but details remained to be worked out, diplomats said.

Below are recent comments from European companies and executives on the potential impact on their businesses:

French oil services firm Technip on Thursday cut operating margin targets for its onshore/offshore unit for this year and next, citing the possible impact of sanctions on Russia and tighter spending budgets among its clients.

A German business leader who has previously warned against economic sanctions on Russia has come out in support of tougher action if President Vladimir Putin fails to cooperate on stabilising the situation in Ukraine. "..we'll back that 100 percent," Eckhard Cordes of the Committee on Eastern European Economic Relations told the daily Handelsblatt in an interview published on Friday.

Finnish telecoms gear maker Nokia said it was not too concerned that its business would be hit by potential sanctions against Russia due to the Ukraine crisis. The company would have to balance the risks by seizing opportunities in other areas, Chief Executive Rajeev Suri told Reuters.

French oil major Total, which is working with Russian gas company Novatek on a project in the Arctic, said: "We are closely monitoring the situation and the sanctions imposed on our partner Novatek. We are analysing the possible impacts on our ongoing projects in Russia to maintain the current planning."

(Compiled by Erica Billingham)


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