Thursday, June 26, 2014

Rosneft CEO Warns Against Increasing Sanctions - Business Insider

In the New York and London markets brokers and bankers explain that they are being discreetly called by US Treasury officials with this message: buying Russian equity or debt paper is legal, but in the event there is a new round of sanctions, it will be illegal to re-sell them, so there can be no profit in Russian assets.

The market is calling this campaign “stealth sanctions”. It is an attack on the international market for Russian corporations, and on the international currency and security clearance systems on which the market depends.

According to the highest UK and European courts — reported here on March 25 — the type of formal sanctions which the US and the EU have already introduced are likely to be found illegal, if they are challenged in court. Stealth sanctions are more difficult to substantiate in court -– and also financially much more damaging. Until now, there has been no Russian retaliation for the sanctions, and no litigation.

Yesterday, Igor Sechin, chief executive of Rosneft, said in a television interview with a New York network: “The sanctions have been discussed a lot and I would like us to abstain from this discussion because the more we talk about the sanctions, the more important they seem. I am trying to put myself in the shoes of those people who introduce sanctions and I believe that there should be some purpose of the sanctions and some justification of them.” The reference to purpose and justification is also a discreet reference to the court judgements in London and Strasbourg.

Complete story at - Rosneft CEO Warns Against Increasing Sanctions - Business Insider

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