CEO says Rosneft to minimize impact from new US sanctions

NOVOBUREISKY VILLAGE, Amur Region, Aug 3 (PRIME) -- Russian oil major Rosneft will work to minimize the impact from the new U.S. sanctions, CEO Igor Sechin told reporters on Thursday.

“Pity that Exxon was fined U.S. $2 million for communication with us. This means that sanctions are starting to work against those who imposed them. This is a positive fact,” Sechin said.

“Powers of the president of the U.S. were restrained. Actually, I think sometimes that they impose the toughest sanctions on him, not on us. We will see how those who make the decisions like them. In the meantime, we will seek an opportunity to work in a way that minimizes the impact of sanctions.”

He added that a positive impact from the sanctions will be disclosed within the next four days.

He also said that the company will continue and even improve its cooperation with Venezuela.

On Wednesday, U.S. President Donald Trump signed a new package of anti-Russian sanctions despite disagreement with what he called serious flaws. The sanction cut the maximum term of provision of financing to sanctions banks and to oil companies to 14 days from 30 days and to 60 days from 90 days, respectively.

The sanctions also adjust the range of deep-sea and Arctic shelf projects to which supplies of equipment and technologies are prohibited. Only new projects in which sanctions Russian companies own 33% and more are now under sanctions.

End