Fresh sanctions will freeze big foreign oil projects in Russia

Fresh U.S. and EU sanctions imposed on Moscow will bring an abrupt halt to exploration of Russia’s huge Arctic and shale oil reserves and complicate financing of existing Russian projects from the Caspian Sea to Iraq and Ghana. On The US imposed sanctions on Gazprom, Gazprom Neft, Lukoil, Surgutneftegas and Rosneft, banning Western firms from supporting their activities in production from deep water, Arctic offshore or shale projects. The new measures, designed to put  pressure on Putin over Russia’s actions in Ukraine, are a major broadening of the previous sanctions.