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New US Sanctions Will Not Affect OMV Group's Gas Projects in Russia – CEO

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Austrian oil and gas conglomerate, OMV Group is planning to continue cooperating with Russia on projects despite the new round of sanctions levied by US President Donald Trump.

MOSCOW (Sputnik) – The new US sanctions against Russia will not affect the Austrian oil and gas OMV Group’s projects in Russia, the company’s CEO, Rainer Seele, said on Wednesday.

The OMV Group has bought 24.98 percent stake in two Achimov deposits at the Urengoy gas field, and 24.99 percent stake in the Yuzhno-Russkoye gas field, both located in Russia's Siberia.

Prior to the grand opening ceremony of the Nord Stream gas pipeline in the German town of Lubmin. - Sputnik International
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"If you speak about our investments in Russian gas projects – either Achimov or the Yuzhno-Russkoye gas fields – we see no negative impact and will continue to work on these projects," Seele told reporters.

In August, US President Donald Trump signed into law the newest package of anti-Russia sanctions. The new sanctions, in particular, target the Russian energy projects. The step triggered criticism of some EU officials.

The recent report on the sanctions' outcome on the EU economy showed that they cost the European Union $3.2 billion a month, while the Russian economy has lost $55 billion because of the sanctions over last three years.

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