Tightening from January 2018, of U.S. sanctions against the Russian energy sector will not affect oil production in Russia, says Russian energy Minister Alexander Novak. "It should be noted that it is not new sanctions, previously, these sanctions have been applied. A lot here applies to third countries, foreign projects, where Russia's share is above 35%. It is important that this would only apply to new projects developed since the end of January next year. Of course, we are carefully studying this question. Our company is studying the decisions made will be to adjust their plans. But in General, the overall production in Russia, it should not affect", – said the Minister on air of TV channel "Russia 24".
Previously, the Directive forbade American companies to cooperate with Russia in the sphere of exploration or production of deep-water offshore operations in the Arctic in Russia. The new restrictions will apply to projects which have the potential of oil production in any area, not just in Russia. The new rules also discuss joint energy projects, the share of companies from third countries which is "33% or more" or in which foreigners owned "a majority of the voting power".
The new restrictions will come into force on 29 January 2018.
The press service of the Omir MMK according to the materials of the Ministry of energy.