Gerhard Schröder, the former German chancellor, looks set to deepen his already close ties with the Russian energy sector, after he was nominated as an independent director to the board of state-controlled oil company Rosneft.

“It represents the will of the American people to see Russia take steps to improve relations with the United States. We hope there will be cooperation between our two countries on major global issues so that these sanctions will no longer be necessary.”

Russia's Gazprom will soon be able to bid for up to 12.8 Bcm/year of extra capacity in Germany's 36.5 Bcm/year Opal natural gas pipeline after an EU court lifted a temporary ban late Friday.

In the second quarter and first half 2017, our total revenues increased by 1.1% and 6.3%, respectively, compared to the corresponding periods of 2016.

With prices still languishing below the $55-$60/b that some ministers have said they are targeting, some market watchers say OPEC and its non-OPEC partners have no choice but to deepen cuts to make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members.

"The legislation, if enacted, is a big political win for members of Congress who want to take a strong stance on Russia," Elizabeth Rosenberg, a senior fellow and director of the energy, economics and security program at the Center for a New American Security, said Sunday. "It will rearrange the way the global energy industry does business with Russia and significantly increase the risk around dealings with Russia."

Russia was China's biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed on Monday.

Proposed new US sanctions on Russia approved by the Senate could have “unintended consequences”, hitting US jobs and oil and gas projects around the world, the industry has warned.

The U.S. shale boom—which reshaped world markets for crude oil and natural gas before Mr. Trump took office—has only limited impact on Russia’s standing as a major energy provider to Europe and Asia.

Directors underscored that accelerated structural reforms and broader trade relations can help promote a diversified export mix. They also urged the authorities to strengthen property rights, advance privatization, improve governance, and invest in innovation and infrastructure to build the foundations for higher potential growth.