Fresh US 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.
The European Union adopted new sanctions against Russia over its involvement in the Ukraine on Monday (8 September), but delayed enforcing them to leave time to assess whether a ceasefire in Ukraine is holding.
The European Union would target state-owned Russian banks vital to financing Moscow's faltering economy, in the most serious sanctions so far over the Ukraine crisis, under proposals considered by EU governments yesterday (24 July).
The CEOs of Russia's two largest firms are on a list of those who may be hit next week with European and US sanctions over the Crimea crisis, a German newspaper said today (14 March), suggesting tougher than expected measures against Russia's elite.
Russian President Vladimir Putin failed to clinch a concrete energy deal on a rare trip to Azerbaijan yesterday (13 August), dashing Moscow's hopes to challenge the dominance of Western energy majors in the former Soviet republic.
Asian energy majors have long understood that going 'upstream' and going 'national' is the way of the future, and China might well be the next bride willing to go down the Russian aisle, write Matthew Hulbert, senior fellow for energy and political risk at ETH Zurich, and Dr Christian Brütsch, senior lecturer at the University of Zurich.
Negotiations between British Petroleum and Rosneft, Russia's leading oil company, to develop three massive offshore exploration blocks in the Arctic have failed, according to media reports yesterday (17 May).
US-based ExxonMobil, the biggest privately-controlled oil company in the world, will make a new investment in Russia for the first time in over a decade as Moscow seeks to thaw its frosty investor climate and keep its oil flowing.