Oil Majors to Gain Clarity on Anti-Russia Sanctions

Oil Majors to Gain Clarity on Anti-Russia SanctionsOil Majors to Gain Clarity on Anti-Russia Sanctions

The Italian oil major Eni will discuss sanctions against Russia with authorities in the European Union and the United States to gain clarity on the economic rivalry forming between US President Donald Trump and the Kremlin. Eni signed a cooperation agreement with Rosneft last year to explore fossil fuel deposits in the Barents Sea and the Black Sea last year, Reuters reported.

Trump has ramped up sanctions against Russia to retaliate against Moscow’s meddling in the 2016 presidential elections, as well as other cyberattacks.

“We are careful to maintain relations with Rosneft but we have to respect US and European norms,” CEO Claudio Descalzi said on the sidelines of a business plan presentation.

The executive clarified that the company ran two wells in all of Russia.

The Trump administration issued a series of punitive sanctions against Russia for coordinating a cyberattack on the US energy grid, aviation systems and other infrastructure, according to a recent AP report. Deputy Foreign Minister Sergei Ryabkov said Moscow will prepare a response to the sanctions, but did not provide additional details.

“These targeted sanctions are a part of a broader effort to address the ongoing nefarious attacks emanating from Russia,” Treasury Secretary Steven Mnuchin said earlier this week.


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