8 Июня 2020 Ярослав Карнаков

No change to Rosneft sanctions despite ownership change -U.S. Treasury

WASHINGTON/MOSCOW, June 7 (Reuters) - Russia lowering its direct stake in top oil producer Rosneft will not alter its exposure to U.S. sanctions, a U.S. Treasury spokesman told Reuters.

As the three Rosneftegaz entities combined hold 50.33% of Rosneft and give the state control of the company, Rosneft will still be able to develop offshore blocks at home, said Yaroslav Karnakov, a partner at law firm Nortia GKS.

Under Russian law, the only companies that can develop Russia’s vast offshore zones are those where the state has direct or indirect control of more than 50% of the firm.