2020-02-19 11:20:00
ROSNEFT: US SANCTIONS ARE ILLEGAL
ROSNEFT - 18 February 2020 - Company Statement
The sanctions announced by the U.S. Treasury Department against Rosneft's subsidiary RTSA and its Chairman are illegal, unjustified, and an act of legal abuse.
Rosneft has been implementing its projects in Venezuela in strict compliance with rules of international and national laws. In the course of the projects' implementation, the Company conducts exclusively commercial activities for the benefit of its shareholders and does not pursue political goals.
Rosneft had become a major investor in Venezuela's economy long before the U.S. introduced the sanctions. The Company's operations in Venezuela are related to the implementation of production projects and trading (prepaid oil supplies and counter deliveries of petroleum products), carried out within the framework of contracts signed before sanctions were imposed, and are aimed at ensuring the return of the previously made investments and the realisation of its long-term commercial interests.
Thus, the Company does not violate the illegal restrictions imposed by the U.S., which has been repeatedly recognised by the American regulator.
The sanctions against RTSA are arbitrary and selective, as other international companies, including American ones, carry out similar activities in Venezuela, and the U.S. regulator does not claim them.
At the same time, the U.S. Treasury Department has not provided any evidence of illegal activities of the Company, as well as of any violation of the unilateral restrictions imposed by the U.S.
The Company is to consider options for its legal protection upon reviewing the documents published.
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Earlier:
2020, February, 12, 11:50:00
RUSSIA'S OIL FOR U.S.
US imports of unfinished oils from Russia averaged 472,000 b/d in November, the most since May 2013, when the same amount of unfinished oils was imported from Russia.
2020, February, 7, 11:00:00
U.S., RUSSIA SANCTIONS: THE NEXT
The US was prepared to sanction Rosneft if it continued to trade crude oil and fuel with PDVSA, but analysts said those sanctions have yet to be imposed because of the expected impact they may have on the global oil market.
2020, January, 31, 12:10:00
U.S., VENEZUELA SANCTIONS: OPPORTUNITIES
Following the Jan. 28, 2019 ban on U.S. firms importing Venezuelan crude, the United States has not followed through on threats to extend the sanctions to any foreign company doing business with PDVSA, as it seeks to oust socialist Maduro.
