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Sanctions not to hit Russian Rosneft oil company hard, CEO says

August 31, 2014, 19:01 UTC+3 FRANKFURT
Rosneft President Igor Sechin said sanctions against him and against his company were absolutely unjustified and illegal from the point of view of international law
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© ITAR-TASS

FRANKFURT, August 31, /ITAR-TASS/. Western sanctions imposed on Russia’s Rosneft oil company over events in Ukraine are not very sensitive for the company which can operate for another 20 years on its current resources, Rosneft President Igor Sechin told Germany’s Der Spiegel magazine on Sunday.

“As for technologies hit by the sanctions, they are first of all connected with long term oriented hard to recover reserves. This position is not that sensitive,” said the president of the state oil giant.

He said sanctions against him and against his company were absolutely unjustified and illegal from the point of view of international law.

Rosneft is an international public company with shareholders from the US, Europe and Asia, Sechin said. BP is its biggest after the state shareholder owing almost 20% of Rosneft, he added.

Rosneft and its CEO are on the list of western sanctions imposed against Russia over Ukraine and targeting the key sectors of the Russian economy - energy, arms and finance.

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