Monday, December 1, 2014

London's High Court blocks bid by Rosneft to halt sanctions

London's High Court has dismissed an application filed by Russian oil giant Rosneft to block the move introducing criminal liability in the UK for violation of sanctions against Russian companies, RIA Novosti reported on Friday. Sanctions were imposed on Russia following a crisis in Ukraine. The United States and European Union introduced sanctions against a number of Russian energy companies, including Rosneft and LUKoil, banning US and EU firms from supporting their exploration or production activities in deep water, Arctic offshore and shale projects. The ban came into effect last September. Rosneft claims that the proposed rules are “riddled with uncertainty.” Specifically, the company alleges that the term “deep water” is not clearly defined and it’s unclear whether the word “Arctic” is meant to encompass all oil exploration within the Arctic Circle or just offshore exploration.

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