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Rosneft proposes package of retaliatory measures to Western sanctions - report

10:38 29/10/2014

MOSCOW, October 28 (RAPSI) – Russia’s largest oil producer Rosneft, which is on the Western sanctions list, has proposed a package of retaliatory measures, Kommersant newspaper reports on Wednesday, citing government officials.

The measures include a ban on the repayment of oil and gas companies’ loans to European and US banks without the approval of the Bank of Russia; the possible seizure of property belonging to the United States, the EU and their citizens in Russia as an interim measure to ensure the fulfilment of contracts; as well as a moratorium on the retrieval of the oil and gas equipment delivered to Russia, the use of which is prohibited in Russian projects by the sanctions.

According to the newspaper, other proposed measures include a 100% prepayment for gas deliveries to the EU, the suspension of Gazprom’s South Stream project, access to Gazprom’s pipeline for independent gas producers in East Siberia and the Russian far East, restrictions on the cooperative use of Russian-made modules for the International Space Station, and a ban on the storage of radioactive waste from the EU and the United States.

The authors of the proposals believe that the 100% prepayment provision, “which cannot be honored without large floating capital, would improve Gazprom’s situation and worsen the situation for European gas buyers,” one of the newspaper’s sources said, citing Rosneft’s document.

The European Union and the United States introduced the first round of sanctions against Russia in July. They targeted its banking, defense and energy sectors, as well as certain Russian businessmen.

In particular, EU nationals and companies were prohibited from buying or selling bonds, equity or other money-market instruments with a maturity exceeding 90 days and those that were issued by Sberbank, VTB Bank, Gazprombank, Vnesheconombank, and Rosselkhozbank after 1 August 2014.

The latest list of EU and US sanctions was imposed against Russia on September 12 and targeted Russian oil companies, including Rosneft, Transneft and Gazprom Neft.

Rosneft and billionaire Arkady Rotenberg, followed by Sberbank VTB Bank, Vnesheconombank, Gazprom Neft filed claims with the European Court of Justice over sanctions that had been imposed on them.

The document prepared by Rosneft to support the real economy and to take response measures against the countries that have approved anti-Russian sanctions has been sent to President Putin and is being considered, according to Kommersant.

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Rosneft proposes package of retaliatory measures to Western sanctions - report

10:38 29/10/2014 Russia’s largest oil producer Rosneft, which is on the Western sanctions list, has proposed a package of retaliatory measures, Kommersant newspaper reports on Wednesday, citing government officials.
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