U.S., EU Widen Sanctions on Russia

Russia is the second-largest producer of dry natural gas and third-largest liquid fuels producer in the world. Despite its significant reserves of coal, it produces only modest amount of coal. Russia's economy is highly dependent on its hydrocarbons, and oil and gas revenues account for more than 50% of the federal budget revenues.

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Efforts to reach a peace deal between Ukraine and Russia continue. But western businesses are finding themselves hit increasingly hard by Russia-related sanctions – from both sides.