Even oil companies sanctioned: USA punish Russia’s largest bank – n-tv.de NEWS

Even oil companies sanctioned: USA punish Russia's largest bank – n-tv.de NEWS

Economy
 

 Friday, September 12, 2014

 
 
 

 
 The EU places, now also give the United States the penalty spiral new impetus: In addition to the oil and defense industries, it now also applies Sberbank, Russia’s largest money home. It plays an important role in the financial system of the country.
 

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The European Union and the United States tighten their stance against Russia. Because of the Ukraine-US conflict, the government has Sberbank, the largest financial institution in Russia, including sanctions, as the U.S. Treasury Department announced. In other Russian money houses the existing sanctions should be tightened. You should be more difficult access to the U.S. credit and equity markets

In July limitations for five Russian financial institutions have already been adopted -., The bank VTB, Bank of Moscow, the Russian Agricultural Bank, Gazprombank and the Bank for Foreign Economic Affairs (VEB).

Sberbank is majority owned by the Russian Central Bank, about 44 percent of the shares are held by foreign funds. The money house holds almost a third of the assets of the Russian banking sector is one of the largest lenders in the Russian economy and holds the largest share of savings deposits in Russia.

High-Tech may not be delivered to oil companies

In addition, according to the U.S. Department sanctions against the Russian oil and defense industries may be imposed. These sanctions prohibit Western firms, technology and services – with the exception of financial support – to provide for the Arctic projects from five major Russian oil companies. The same applies to deepwater drilling and shale gas and oil that divided the U.S. Treasury with.

The energy penalties are likely to directly impact on partnerships such as Exxon with Rosneft. The largest Russian oil company is one of the five companies on the sanctions aim, so U.S. government officials and legal experts. Rosneft and Exxon both drill in the Arctic Kara Sea for oil and shale formations in Siberia.

Exxon had agreed with Rosneft on it to lift the majority of the exploration costs in the Arctic, with 3.2 billion USD Dollars are estimates. In return, Exxon had received a share of one third of the joint venture. The deal had allowed unique access to Russian Arctic Exxon. The area is larger than Texas and could resources of several billion barrels of oil offer.

A Exxon spokesman was not immediately be reached. The company now wants but assess penalties and comply with all relevant laws.

Contracts by western companies in Russia at risk?

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The new round of sanctions could jeopardize the contracts by western companies in Russia, say some lawyers. “It is unclear whether the U.S. corporations now its contractual obligations – such as fees paid to a Russian partner – can not fulfill,” accuses the lawyer Eric Lorber from the law firm Gibson, Dunn & amp; Crutcher one. He advises companies on how to best comply with sanctions. “You could be in a particularly difficult dilemma.” Either they breached their contractual duties or get it with the U.S. Justice do. The White House gave the undertakings only an unusually short deadline to comply with the sanctions.

Despite the ceasefire in the embattled eastern Ukraine, the European Union had been further tightened the screws on Russia. Their sanctions are aimed at the energy, defense and financial sectors.

  Source: n-tv.de