Sanctions Against Russia Hit Rosneft Hard

By Stephen Levy

The sanctions against Russia has at least done significant damage to Rosneft, Russia's major oil producer, reports Fox Business.  Rosneft has had unrelated difficulties with existing oil fields, and requires significant financing to invest in new fields and techniques. In perhaps a model of Russia's plans to protect firms against future sanctions, Prime Minister Medvedev pledged government financing and support for the company. However, the lack of funding from the U.S. and E.U. may hurt Rosneft's chances to advance its knowledge of cutting-edge extraction techniques.