Euro backers seek better terms from Russian partners
Rosneft’s Arctic offshore projects with ExxonMobil are registered in Europe. (Rosneft)
European oil and gas giants are trying to use the prolonged sanctions against Russia to gain more favourable terms from their Russian partners in upstream projects.
The EU agreed last week to prolong sanctions against Russia by six months until 31 January 2017. This will affect European companies and their exploration financing in Russia.