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Gazprom says Western sanctions to have 'no significant effect'

October 14, 2014, 10:56 UTC+3 MOSCOW
On September 12, the United States imposed new sanctions on Russia in connection with the situation in Ukraine, targeting, among others, Gazprom, Gazprom Neft, Lukoil, Surgutneftegaz and Rosneft
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© ITAR-TASS/Sergey Savostyanov

MOSCOW, October 14. /TASS/. Russian energy giant Gazprom said on Tuesday it continues assessing the influence of Western sanctions on the company, but believes that they are unlikely to have a significant effect.

“The group continues evaluating the influence of the sanctions, but currently it believes that they will not significantly affect the financial situation or results of the group’s activity,” Gazprom said in a financial report on the International Financial Reporting Standards.

The report focuses on the sanctions introduced by the United States and the European Union concerning the access to the financing of Gazprom Neft, the fourth largest oil producer in Russia, and the ban on imports of technologies and equipment.

On September 12, the United States imposed new sanctions on Russia in connection with the situation in Ukraine. The sanctions target, in particular, five Russian energy companies — Gazprom, Gazprom Neft, Lukoil, Surgutneftegaz and Rosneft. The sanctions banned the supplies to them of products, services and technology needed for deepwater offshore oil drilling, development of the Arctic oilfields or shale oil extraction.

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