IMG.gif

Russia

Copyright © 2022 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

President Vladimir Putin has signed a decree that prohibits companies from "unfriendly countries" from divesting assets in Russia's financial and energy sectors — at least through the end of this year. Among other things, the decree temporarily prevents BP from proceeding with plans to sell its 19.75% stake in Russian oil giant Rosneft and Exxon Mobil from disposing of its 30% operated interest in the Sakhalin-1 oil project in Russia's Far East. The ban on divestments in the energy sector also extends to producers of equipment for the oil and gas industry and companies that maintain and service energy equipment. Moscow uses the term "unfriendly" to refer to countries that have adopted sanctions against Russia in response to its invasion of Ukraine. The decree may be extended beyond the end of this year and Putin has the power to grant waivers that would allow sales to proceed. Most Western oil and gas majors have announced plans to stop new investment in Russia and divest some or all of their assets in the country. Russia, meanwhile, has tried to limit the exodus of foreign investors and encouraged companies to remain in the country to limit damage to its economy.

Topics:
Sanctions, Corporate Strategy , Policy and Regulation
Wanda Ad #2 (article footer)
#
There is not much that LNG powerhouse Qatar can do to alleviate Europe’s gas crisis in the short term, says the country's energy minister.
Thu, Sep 22, 2022
China's approval of 10 reactor newbuilds so far this year is the highest count in a single year since 2008, as Beijing seeks to accelerate nuclear development to attain energy security and decarbonization goals.
Fri, Sep 23, 2022
Trading of Russian oil — never transparent at the best of times — is being driven further underground by western sanctions.
Fri, Sep 23, 2022