US sanctions have not yet affected Lukoil’s and Rosneft’s exports: expert explains where the “20%” came from
27 November 18:02
U.S. sanctions against Russian oil companies could not yet affect export volumes, as they have not yet entered into force. This was stated by energy expert Gennady Ryabtsev in a commentary "Komersant Ukrainian" , refuting media reports about the alleged 20 percent drop in oil supplies of Lukoil and Rosneft.
According to Ryabtsev, the current U.S. restrictions primarily concern financial transactions and foreign assets of Russian companies, which they will be obliged to sell. Once the sanctions come into force, the products of companies owned by Rosneft and Lukoil will automatically fall under the restrictions, which will make it impossible to legally circulate them, and transactions through American banks will be blocked.
Now, the expert emphasized, there is a postponement of a number of requirements of the US Treasury Department until mid-December, so the sanctions mechanism is not working yet.
“They could not affect, because they have not come into force. There are no sanctions,” Ryabtsev noted.
Regarding the information about a 20% drop in exports, he suggested that such data could be the result of manipulation of the comparison base.
“If you take day by day, you can get any figure – minus 20, minus 40, minus 100%. In October, for example, supplies to Indian refineries even increased,” he emphasized.
Ryabtsev also criticized Bloomberg publications on the volume of Russian exports, suggesting that they may be related to attempts to influence stock exchange trading.
According to him, Michael Bloomberg is a major player on the NYMEX commodities exchange, and the spread of such news can influence the fluctuations in oil futures prices.
