Economics
U.S. Sanctions May Risk Russia's Oil Production, Refining
- Russia exports up to 500,000 b/d of oil, products to the U.S.
- Ban on equipment, technologies may prove longer-term threat
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The new U.S. sanctions placed on Russia may put the country’s longer-term crude production potential at risk.
America’s ban on exporting certain "sensitive" goods and technologies, which will take effect later this month, may be a bitter pill for the Russian oil producers to swallow as the 11-million-barrel a day industry is heavily reliant on foreign drilling and refinery equipment. Earlier this month Nikolai Patrushev, secretary of Russia’s Security Council and close ally of President Vladimir Putin, called the dependancy "a serious problem," as cited by Interfax.