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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Russian sanctions ramp up
New EU and US sanctions announced in September step up pressure on Russia in the face of the ongoing Ukraine crisis. Fresh sanctions threaten to halt major E&P programmes in Russia’s Arctic and shale oil reserves and could freeze significant foreign-partnered oil projects.
The US imposed sanctions (on 12 September) on Gazprom, Gazprom Neft, Lukoil, Surgitneftegas and Rosneft, ban western firms from participation in E&P in the Arctic, deepwater exploration or shale projects. According to Reuters, the new measures threaten dozens of joint venture projects including a new drilling programme by ExxonMobil in the Russian Arctic that began in August, and other projects Rosneft and Gazprom Neft are developing with Exxon, Shell, Statoil and Eni, which will have to be put on hold. These and other companies were given 14 days to wind down activities.
The US followed the EU lead on 8 September (when the European Council formally adopted further measures against Russia) by ramping up sanctions, with a ban on export of drilling and well testing services and technology to Russian state oil firms. The EU sanctions specifically do not include the gas sector, and in particular Gazprom, Europe’s biggest gas supplier. Germany currently gets more than 30% of its oil and gas from Russia. Italy is also reliant on Russian energy and several of Russia’s former Soviet bloc neighbours depend on its gas.
Given the sensitivity of energy sourcing from Russia, the EU has emphasised the ‘reversability and scalability’ of its sanctions against Russia as the situation in Ukraine develops. A review of the sanction implementations is planned for the end of September, in the light of which the European Commission and the European External Action Service will put forward proposals to amend, suspend or repeal sanctions in full or in part.
News Item details
Journal title: Petroleum Review
Keywords: Sanctions
Countries: USA - Russia - Europe - Central Asia -
Subjects: Policy and Governance, Reserves, Wind power, Oil reserves
