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US, EU sanctions to increase hydrocarbon field development time in Russia — ministry

September 26, 2014, 18:20 UTC+3 GUS KHRUSTALNY
Three rounds of Western sanctions create clear risks but at the same time allow us to change the situation for Russian manufacturers and suppliers of equipment and companies that provide services
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© ITAR-TASS/Vladimir Zinin

GUS KHRUSTALNY, Vladimir Region, September 26. /ITAR-TASS/. US and European sanctions against Russia's fuel and energy sector will increase the period of time needed for the development of new and operating fields, the Ministry of Industry and Trade said on Friday.

In July, the European Union introduced licensing for certain commodities and technologies used in the oil industry. This was followed in July by a US ban on access to critical technologies in the oil and gas sector.

In September, the US and the EU imposed targeted sanctions against Russia’s major oil and gas companies, limiting their access to the capital market.

In addition to a longer development time, the sanctions against Russia may also cause companies to stop operations because of the shortage of components and spare parts and halt the production of Russian equipment due to licensing or corporate restrictions, the ministry said.

“Three rounds of Western sanctions imposed against the Russian fuel and energy sector create clear risks but at the same time allow us to change the situation for Russian manufacturers and suppliers of equipment and companies that provide services,” Deputy Minister of Industry and Trade Andrei Dutov said.

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