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Oil and gas embargo against Russia

Nazarova Z.   (Russian state geological prospecting University named after Sergo Ordzhonikidze)

Zabaykin Yu.   (Russian state geological prospecting University named after Sergo Ordzhonikidze)

Abramov V.   (Russian state geological prospecting University named after Sergo Ordzhonikidze)

Yakunin M.   (Russian state geological prospecting University named after Sergo Ordzhonikidze)

Karasev A.   (Russian state geological prospecting University named after Sergo Ordzhonikidze)

Since Crimea annexation of Russia the EU and US have ratcheted up sanctions several times, tightening restrictions on major Russian state banks and corporations. They have blacklisted dozens of senior Russian officials, separatist commanders and Russian firms accused of undermining Ukrainian sovereignty. Economic sanctions are a withdrawal of financial and trade partnerships levied against governments to punish them for violating international norms, such as what Russia did by invading sovereign Ukraine without provocation. The U.S. body that oversees sanctions is the U.S Department of the Treasury. The American sanctions specifically target Russia’s energy sector, which makes up more than half of the country’s Gross Domestic Product. No U.S. oil company can do business with Russia, nor can any companies sell drilling technology needed to access oil and gas reserves. U.S. banks cannot issue long-term loans to Russian businesses for energy-focused projects.

Keywords:OPEC, oil, budget, Oral Neftegaz, Cartel, combination, economic benefits, the government of the Russian Federation budget revenues.
 

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Citation link:
Nazarova Z. , Zabaykin Y. , Abramov V. , Yakunin M. , Karasev A. Oil and gas embargo against Russia // Современная наука: актуальные проблемы теории и практики. Серия: ЭКОНОМИКА и ПРАВО. -2017. -№12. -С. 95-97
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