Monday, September 29, 2014

Why the Kremlin is not very concerned with energy sanctions | Russia Direct

The new energy sanctions imposed by the West could force Russia to turn to other partners or technologies to compensate for the lost potential of Arctic and shale prospecting projects.

On Sept. 12, the EU and U.S. published a new list of energy sanctions, this time targeting Russian state oil companies Rosneft and Gazprom Neft, as well as the privately owned Lukoil and Surgutneftegaz. It also marked energy giant Gazprom’s first appearance in the list, but only in regard to oil projects.

The new sanctions prohibit the West’s largest oil companies, including America’s ExxonMobil, Anglo-Dutch Shell, France’s Total, and Norway’s Statoil, from partnering with Russia in deep-sea and shale prospecting projects, as well as upstream operations in the Arctic. They also mean that Western companies will be forced to halt exports to Russia of high tech equipment used in oil exploration and production.

Complete story at - Why the Kremlin is not very concerned with energy sanctions | Russia Direct

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