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“If further international sanctions are imposed on Rosneft or new sanctions are imposed on Russia or other Russian individuals or entities, this could have a material adverse impact on our relationship with and investment in Rosneft, our business and strategic objectives in Russia and our financial position and results of operations,” the group said in a statement accompanying its second-quarter results.
State-controlled Rosneft, which accounts for 40% of Russian oil production, was hit by sanctions from the United States over Ukraine, limiting the company's access to Western money. Targeted assets included Rosneft’s stake in Ruhr Oel GmbH (ROG), a joint refining and marketing company, of which Rosneft and BP each owns 50%. The joint venture has stakes in four refineries in Germany - Gelsenkirchen, MiRO, Bayernoil and PCK Schwed, accounting to about a fifth of Germany's refining sector capacity.
Vladimir Buyanov, a BP spokesman in Russia, said in mid-July the company was taking a look at the potential impacts of US. sanctions.
“We are currently looking into new sanctions the United States has imposed on Russia,” Buyanov told ITAR-TASS.
On July 17, the White House announced new “sectoral” sanctions against Russia, targeting some of the country’s largest energy corporations and banks as punishment for Moscow’s alleged reluctance to curb violence in Ukraine.
Also targeted were leading Russian financial institutions: Russian development bank VEB and Gazprombank, banking arm of Russia's state energy giant Gazprom. The sanctions ban them from access to US capital markets.
A BP spokesman in London said the sanctions appeared on first glance to focus on restricting access of targeted firms to medium and long-term US financing.