DECRYPTION – Gazprom, Rosneft and Novatek are dependent on Western technologies to exploit hydrocarbons.
As the war in Ukraine drags on and more atrocities are committed, the list of Western sanctions against Russia grows longer. The hydrocarbon sector is not spared. On Tuesday, the European Commission proposed to ban Russian coal. On Wednesday, European Council President Charles Michel threatened to go further: “I think action on oil and even gas will be needed sooner or later.”
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Meanwhile, sanctions prohibiting the export of Western oil and gas machinery and know-how could have major short-, medium- and long-term effects on the only strong point of the Russian economy. Since the end of February, the European Union has taken two sets of measures against Russia. These prohibit any new investment in the sector, unless it aims to export hydrocarbons to Europe. They also block any export to Vladimir Putin’s country of certain technologies…
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