U.S., EU ready new sanctions to stop oil exploration in Russia

WASHINGTON (Reuters) - The United States and European Union plan to stop billions of dollars in oil exploration in Russia by the world's largest energy companies including Exxon Mobil Corp and BP Plc, U.S. government sources said.

The planned sanctions over Russia's aggression toward Ukraine would ban U.S. and European companies from cooperating with Russia on searching its Arctic territory, deep seas or shale formations for crude, said two U.S. officials who spoke on condition of anonymity because the measures have not been made public.