Four Russian Companies With European Shareholders Dropped From New EU Sanctions List
The new EU sanctions list against Russia, agreed by member states' envoys, covers four fewer legal entities than the version first discussed. Three banks and an oil company with Bulgarian, French or Hungarian ties were removed.
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Permanent representatives of European Union (EU) member states agreed on Wednesday on a new list of sanctions targeting Russian companies. The investigative journalism project "Sistema" found that four entities with European shareholders were struck from it during negotiations. This suggests that the interests of individual member states can shape the final content of sanctions.
Which companies were removed
The companies dropped are First Investment Bank, Investment Cooperative Bank, the bank "RESO Kredit" and the oil company "TANEKO".
In 2018 the Bulgarian company "Starcom Holding" bought 67.11% of First Investment Bank. Its stake later rose to 97.76% and then fell to 93.19% after court proceedings in Russia. The company's report from late 2025 says it cannot currently manage this holding because of the geopolitical situation and restrictions.
Kazan-based Investment Cooperative Bank ("IK Bank") also has a Bulgarian link. Bulgaria's Central Cooperative Bank, part of the "Chimimport" group, bought 9.9% of what was then called "TatInvestBank" in 2011. Its share grew to 56.2% by 2014, and by 2021 the group controlled 86.27%.
The owner of "RESO Kredit" is the insurer "RESO-Garantija", in which the French insurance group "AXA" acquired 36.7% in 2008. After Russia's renewed invasion of Ukraine, "AXA" stopped writing new insurance contracts in Russia and withdrew its representatives from the board, but kept its investment. According to the first-half 2026 report, it holds 38.61%.
"TANEKO" is a subsidiary of "Tatneft". In 2021 it set up the joint venture "RMB-RUSS" with Hungary's MOL group to produce road bitumen in Tatarstan, with MOL holding 51% of the capital. The project was frozen after the war began, and in December 2022 MOL said it would not continue financing construction.
Who asked for the exemptions
Two Radio Liberty sources in Brussels said Bulgaria requested the removal of both Bulgaria-linked banks, France that of "RESO Kredit", and Hungary that of "TANEKO". The delegations did not respond to journalists' questions.
