Russian Oil Exploration Could Be Next on West’s Hit List
The United States and European Union plan to stop billions of dollars in oil exploration in Russia by the world’s largest energy companies including Exxon Mobil Corp and BP Plc, U.S. government sources said.
The planned sanctions over Russia’s aggression toward Ukraine would ban U.S. and European companies from cooperating with Russia on searching its Arctic territory, deep seas or shale formations for crude, said two U.S. officials who spoke on condition of anonymity because the measures have not been made public.
The new sanctions, if applied, would be harmful to Russia’s future prospects because they would target fields five or 10 years from producing oil. But application of the sanctions could be prevented if Russia sticks to a cease-fire, and depends on several factors including actions by the EU.
European Union officials have delayed a decision on whether to implement measures against Russia. They will meet for further talks on Thursday.
Source: themoscowtimes
