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Russian Oil Companies Under Western Sanctions May Get Priority to Existing Fields

© Sputnik / Boris Babanov / Go to the photo bankProcess of oil exctraction
Process of oil exctraction - Sputnik International
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Four Russian ministries are working on a set of measures, including preferential access to existing fields, to support Russian oil companies that were sanctioned by the West over the Ukrainian crisis, Deputy Energy Minister Kirill Molodtsov told journalists Thursday.

MOSCOW, September 25 (RIA Novosti) – Four Russian ministries are working on a set of measures, including preferential access to existing fields, to support Russian oil companies that were sanctioned by the West over the Ukrainian crisis, Deputy Energy Minister Kirill Molodtsov told journalists Thursday.

"In a situation when the companies came under sanctions, they can appeal to the government for support, if there is such a need. Some of them have already reached the government to provide support … Ministry of Energy and Ministry of Environment, Ministry of Economic Development and Ministry of Finance are currently working on a set of necessary tools, including in terms of preferences for existing fields," Molodtsov said.

The latest round of Western sanctions against Russia over the Ukrainian crisis was imposed on September 12. The European Union banned its companies from providing services to their Russian partners for the exploration and production of the deep and Arctic oil and shale oil projects, well drilling and geological studies in particular, an official EU document states.

The European Union also barred three major Russian oil companies – Rosneft, Transneft and Gazprom Neft – from seeking finance on European capital markets.

Following the reunification of Crimea with Russia, the West introduced several rounds of economic sanctions against Russia, notably targeting its oil, banking and defense sectors. Moscow responded with the adoption of a one-year ban on the import of certain food products made in the European Union, the United States, Canada, Australia and Norway.

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