Western sanctions are getting tighter for Rosneft boss Igor Sechin (photo: dpa)

Rosneft and Russia pay the price of West’s energy sanctions

Sanctions on Russian banks and its energy companies are beginning to have a long-term impact on Russia’s economy. Vital foreign investment and access to sophisticated Western oil industry technology have been cut off. This is beginning to hit Russian energy giant Rosneft and its ambitious exploration plans. Energy companies can hold out for two to three years, but their exploration and export plans will be curtailed and could hit Russia’s social-political stability in the mid and long-term.

<i>Wide-ranging sanctions imposed on Russia by the United States and the European Union for annexing Crimea and destabilising Ukraine’s eastern regions are hitting home. Access to foreign tec...

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Dr. Frank Umbach
Western sanctions are clearly hampering ambitious expansion plans by Rosneft and others. A planned US$2 billion deal between Rosneft and Vitol - the world’s largest independent oil trader, has been shelved because of the sanctions. This money was originally to have been raised from US and European banks
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