Rosneft warns West over Crimea sanctions

Russian state energy company Rosneft has warned the EU and US that escalating sanctions over the country’s annexation of Ukraine’s Crimea region would worsen the situation.

The stand-off over Crimea is one of the most serious east-west crises since the end of the cold war.

A decree recognising Crimea as an independent state was recently signed by Russian president Vladimir Putin. Rosneft CEO Igor Sechin told Reuters that expanding the sanctions will not help in solving the issue.

The US and the EU have announced asset freezes and visa bans against Russian and Ukrainian officials involved in the Crimean crisis. They now plan to expand the sanctions to include more individuals.

In response to possible sanctions, Sechin recently visited Tokyo and offered cooperation to Japanese investors in the development of oil and gas in Russia. Sechin also plans to visit India, Vietnam and South Korea.

Sechin offered investment possibilities in Russia to Japan, which had threatened to suspend talks on an investment pact and relaxation of visa requirements as part of sanctions over Crimea. The Russian oil giant already has some joint projects with Japanese companies.

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Image: Russia president Vladimir Putin. Photo: courtesy of Russian Presidential Press and Information Office.