By Laura Barron-Lopez - 09/10/14 03:17 PM EDT
New sanctions from the U.S. and European Union (EU) on Russia are threatening some of the world's largest energy companies.
Bloomberg reports that new sanctions over Russia's annexation of Crimea and continued involvement in Ukraine would stop U.S. and European cooperation with Russia in its oil and gas exploration in the Arctic.
The sanctions would hurt companies like ExxonMobil and BP, which are involved with Russia in Arctic explorations.
U.S. officials said earlier this month that it was considering limits on hi-tech exports to Russia's Arctic operations.
Those would come shortly after EU's implements its ban on sharing energy technology and services.
The U.S. would also ban the export of gear and advisers for exploration in the harsh Arctic environment.