The US has added Gazprom’s Yuzhno-Kirinskoye oil and gas field in the Sea of Okhotsk to the list of Russian operations and individuals sanctioned after Moscow’s annexation of Crimea and subsequent events in Ukraine.
The move means that a license will now be required for exports, re-exports or transfers of oil from that location.
Douglas Jacobson, an international trade lawyer in Washington, said the field’s inclusion “represents a new arrow in the quiver of U.S. sanctions on Russia.” He said the addition means that no U.S. origin items or non-U.S. origin items containing more than 25% of U.S. content can be exported or re-exported to the field without a Commerce Department license, which he said was not likely to be issued.
“This goes beyond the current Russia sanctions, which prohibit certain items to be exported to Russia when they are used directly or indirectly in the exploration for, or production of, oil or gas in Russian deepwater (greater than 500 feet),”he said.
US adds Yuzhno-Kirinskoye oilfield to sanctions list
Yuzhno-Kirinskoye oil and gas field
Source: The Moscow Times