MOSCOW, (Sputnik) — The Yuzhno-Kirinskoye field, which is estimated to contain some 636 billion cubic meters of gas and 97 million tons of gas condensate, is now subject to a US embargo and other special controls.
"This Russian field is reported to contain substantial reserves of oil in addition to reserves of gas," the government document said. "The U.S. Government has determined, therefore, that exports, reexports, and transfers (in-country) of all items subject to the EAR to this Russian field by any person without first obtaining a BIS license present an unacceptable risk of use in, or diversion to, the activities specified in the Russian industry sector sanctions."
"Of course, we cannot say that sanctions have no effect. But there is also no need to claim that sanctions can impact various sectors of the Russian economy. The economy shows its stability," Peskov told reporters.
"Therefore, I don't think that such actions, which we don't find to be successful, legitimate, and, most importantly, forward-thinking, can make a substantial and systematic impact," he added.
Russian state-run energy company Gazprom did not comment on the ruling. It plans to commission the offshore field in 2018.
The US sanctions targeted Russia’s key economic areas – energy, defense and banking. Tech trade restrictions specifically outlaw the export of US products destined for deep-water and Arctic oil exploration and production, as well as shale oil projects in Russia.