Are European Companies Ignoring E.U. Sanctions On Russia?
Kenneth Rapoza: 22 June 2015
…some very powerful entities in the E.U. have had it with sanctions. For example, Gazprom, Shell, E.ON and Austria’s OMV Group signed a memorandum last Thursday…
It’s been nearly a year since sectoral sanctions were slapped on Russia for its involvement in helping create a frozen conflict in Eastern Ukraine. European and American companies banned financing of Russian energy firms, and banks. They banned any joint venture deals with Russian oil and gas companies that involved exploration and production, or the selling of technologies used in E&P. But if a string of memorandum of understandings signed during last week’s St. Petersburg International Forum puts anything in the spotlight this week it is this: some very powerful entities in the E.U. have had it with sanctions.
American and European explorers such as Exxon and Royal Dutch Shell Plc , which is drilling in Siberian shale rock formations, will have to act fast to avoid violating the bans. “Those new sanctions imposed on Russia by the U.S. and Europe on Friday will, among other things, force Exxon Mobil, Royal Dutch Shell… and other big oil companies to wind up their joint ventures with Kremlin-controlled Rosneft and Gazprom
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