businessinsider/us-sanctions-russian-oil-exploration-2014-9 FTA: The new sanctions prohibit U.S. companies from exporting goods, services, or technology to support five Russian energy companies in exploration or production for Russian deepwater, Arctic offshore, or shale projects that have the potential to produce oil. The U.S. Treasury Department said companies have until Sept. 26 to wind down existing transactions affected by the new sanctions. The Russian energy companies hit by the sanctions include Gazprom, Gazprom Neft, Lukoil, Surgutneftegas, and Rosneft. European companies will have similar prohibitions, under mirroring sanctions handed down by the European Union. Mark Dubowitz, the executive director of the Foundation for Defense of Democracies and an expert on previous sanctions leveled against countries like Iran, told Business Insider it was a smart escalation in sanctions. The new sanctions are smart and targeted and will impact Russias access to Western technology and services that are needed to develop Moscows medium to long-term oil exploration and production capacity, Dubowitz said. There will be winners and losers, including companies like Exxon and BP, but Western companies will adjust as they have to past energy sanctions against countries like Iran, Iraq, Sudan, and others. The real pain will be borne by Moscow, for whom energy is their economic lifeblood.
Posted on: Sat, 13 Sep 2014 07:41:02 +0000
Trending Topics
Recently Viewed Topics
© 2015