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Rosneft might delay some projects due to sanctions — CEO

July 30, 2014, 11:56 UTC+3 MOSCOW
“We work under different conditions and are ready for volatility linked to the sanctions,” Rosneft President Igor Sechin says
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Rosneft CEO Igor Sechin

Rosneft CEO Igor Sechin

© ITAR-TASS/Rosneft press service

MOSCOW, July 30. /ITAR-TASS/. Russian oil giant Rosneft might postpone some projects because of sanctions, Rosneft President Igor Sechin said on Tuesday.

“We work under different conditions and are ready for volatility linked to the sanctions,” said Sechin quoted by Rosneft press-office. “We’ll work for better efficiency, postpone some projects, but effective work will be our priority.”

On Tuesday, the US Department of Commerce introduced export licensing for goods intended for some oil projects in the Russian Arctic and offshore projects, a high-ranking official in the US administration said on Tuesday. Restriction would only affect new projects, another source said.

Export licensing means the US will pay closer attention to requests of trade with companies on the black lists, which leads to considerable delays in project realization.

The EU countries also adopted sectoral anti-Russian sanctions on Tuesday that restrict access for Russian state financial institutes to the EU financial markets, impose weapon embargo, ban export of dual-purpose goods that can be used for military aims and limit access to sensitive technologies, especially those in the oil sector, said European Council President Herman Van Rompuy.

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