BP and Shell to be exposed as G7 plans for sectoral sanctions against Russia


By: Mike Paterson

I reported yesterday that US president Obama said G7 nations must be unified when it comes to sectoral sanctions on Russia to avoid conflict of interest, but part of the US plans looks likely to have a serious impact on UK energy giants BP and Shell. The US Treasury may soon extend their black list to Igor Sechin, president of the oil giant Rosneft, the biggest traded oil company in the world. Any such move would be a costly headache for BP, which owns 19.75% of Rosneft’s shares under a deal reached in 2012 ending its stormy misadventures in TNK-BP The US Treasury is also eyeing some form of sanction against Gazprombank, the financial arm of the gas monopoly Gazprom. This would greatly complicate Shell’s joint operations with Gazprom at Sakhalin Island and in the Arctic Centrica will also have their own potential problems The Telegraph's love-him-or-loathe-him AEP has more here

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