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US sanctions on Russia flout by US firms

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US sanctions on Russia flout by US firm

US sanctions on Russia flout by US firm

Moscow, Russia: US sanctions on Russia flouts by US firm as ExxonMobil has started joint oil exploitation drilling in the Kara Sea of the Russian Arctic along with Russian oil company Rosneft.

“Our cooperation is a long-term one. We see great benefits here and are ready to continue working here with your agreement,” Glenn Waller, ExxonMobil’s lead manager in Russia, told President Vladimir Putin during a videoconference call on Saturday. The Russian leader hailed the exploration project as an example of mutually beneficial cooperation that strengthens global energy security.

This is a huge project with a forecasts oil reserves in the Kara Sea as high as 13 billion tons. It may be mentioned total oil reserves of whole Saudi Arabia are less then Kara Sea of the Russian Arctic.

Rosneft is one of the Russian companies targeted by Western nations, imposed to punish Moscow for its stance over the Ukrainian crisis. Russia’s retaliation so far has been to ban the import of foodstuffs from the countries that approved anti-Russian sanctions.

It may be mentioned that US and EU have imposed sanctions on Russia for supporting Ukraine in its standoff with Russia.

Asad Haroon
A netpreneur, blogger and above all; A Human 🙂 Asad tweets from @aghaasadharoon and can also be approached on Google+

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