EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services

Bibliographic Details
Main Author: Sisu, Madalina
Format: Conference Object
Language:English
Published: 2015
Subjects:
Russia
energy
oil
European Union
sanctions
economy
Law
criminology & political science
Political science
public administration & international relations
Droit
criminologie & sciences politiques
Sciences politiques
administration publique & relations internationales
Arctic
Online Access:https://orbi.uliege.be/handle/2268/196254
https://orbi.uliege.be/bitstream/2268/196254/1/programme_euandep.pdf
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spelling ftorbi:oai:orbi.ulg.ac.be:2268/196254 2024-10-13T14:03:56+00:00 EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services Sisu, Madalina 2015-04-27 https://orbi.uliege.be/handle/2268/196254 https://orbi.uliege.be/bitstream/2268/196254/1/programme_euandep.pdf en eng Since March 2014, in response to the Ukrainian crisis, the European Union, United States and their partners imposed several rounds of economic sanctions against Russia. Stage II and III of EU’s sanctions, represented by two Council Regulations -833/2014 and 960/2014-include strengthen restrictions directly impacting Russian energy industry. The European companies are prohibited from trading equipment, technologies and services for use in specific Russian oil projects whereas several Russian financial institutions and energy companies, mostly state-owned, are subject to EU’s capital market restrictions. The paper aims to analyse the main consequences of the aforementioned ban of oil technology and oil services. It identifies as short and medium term consequences: the halting or the slowing down of important projects developed by Russian and Western oil companies regarding the exploitation of “hard-to-recover” oil fields; the replacing of the Western technology of oil drilling under the Arctic, deep water and shale and also of the oil services technology with Russian technology or imported technology; the likelihood of not meeting the 2030’s targets for Russia’s oil output (nearly 80 % of the current oil production is produced from mature Siberian deposits ), which would lead to a decline of revenues generated by oil industry and further to a decline of Russia’s state budget’s revenues; the further necessity to tap into Russia’s two sovereign wealth funds not only to back the oil companies affected by financial restrictions, but also to finance further budget deficits. There will also be significant geopolitical consequences, as in parallel with it its penetration of Asian growing energy markets, Russia will accelerate its eastward turn for cooperation in energy, technology and financial sectors; at the same time, offsetting the oil industry’s loss of revenues will require, from Russian side, maintaining its European gas market-share and good relations with its European customers. http://www2.usaintlouis.be/public/iee/programme_euandep.pdf https://orbi.uliege.be/handle/2268/196254 info:hdl:2268/196254 https://orbi.uliege.be/bitstream/2268/196254/1/programme_euandep.pdf open access http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess (nearly 80 % of the current oil production is produced from mature Siberian deposits ), which would lead to a decline of revenues generated by oil industry and further to a decline of Russia’s state budget’s revenues; the further necessity to tap into Russia’s two sovereign wealth funds not only to back the oil companies affected by financial restrictions, but also to finance further budget deficits. There will also be significant geopolitical consequences, as in parallel with it its penetration of Asian growing energy markets, Russia will accelerate its eastward turn for cooperation in energy, technology and financial sectors; at the same time, offsetting the oil industry’s loss of revenues will require, from Russian side, maintaining its European gas market-share and good relations with its European customers., Brussels, Belgium [BE], 27-28 April 2015 Russia energy oil European Union sanctions economy Law criminology & political science Political science public administration & international relations Droit criminologie & sciences politiques Sciences politiques administration publique & relations internationales conference paper not in proceedings http://purl.org/coar/resource_type/c_18cp info:eu-repo/semantics/conferencePaper 2015 ftorbi 2024-09-27T07:01:44Z Conference Object Arctic University of Liège: ORBi (Open Repository and Bibliography)
institution Open Polar
collection University of Liège: ORBi (Open Repository and Bibliography)
op_collection_id ftorbi
language English
topic Russia
energy
oil
European Union
sanctions
economy
Law
criminology & political science
Political science
public administration & international relations
Droit
criminologie & sciences politiques
Sciences politiques
administration publique & relations internationales
spellingShingle Russia
energy
oil
European Union
sanctions
economy
Law
criminology & political science
Political science
public administration & international relations
Droit
criminologie & sciences politiques
Sciences politiques
administration publique & relations internationales
Sisu, Madalina
EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services
topic_facet Russia
energy
oil
European Union
sanctions
economy
Law
criminology & political science
Political science
public administration & international relations
Droit
criminologie & sciences politiques
Sciences politiques
administration publique & relations internationales
format Conference Object
author Sisu, Madalina
author_facet Sisu, Madalina
author_sort Sisu, Madalina
title EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services
title_short EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services
title_full EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services
title_fullStr EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services
title_full_unstemmed EU's sanctions against Russia: main consequences on the ban on trading oil technology and oil services
title_sort eu's sanctions against russia: main consequences on the ban on trading oil technology and oil services
publishDate 2015
url https://orbi.uliege.be/handle/2268/196254
https://orbi.uliege.be/bitstream/2268/196254/1/programme_euandep.pdf
genre Arctic
genre_facet Arctic
op_source (nearly 80 % of the current oil production is produced from mature Siberian deposits ), which would lead to a decline of revenues generated by oil industry and further to a decline of Russia’s state budget’s revenues; the further necessity to tap into Russia’s two sovereign wealth funds not only to back the oil companies affected by financial restrictions, but also to finance further budget deficits. There will also be significant geopolitical consequences, as in parallel with it its penetration of Asian growing energy markets, Russia will accelerate its eastward turn for cooperation in energy, technology and financial sectors; at the same time, offsetting the oil industry’s loss of revenues will require, from Russian side, maintaining its European gas market-share and good relations with its European customers., Brussels, Belgium [BE], 27-28 April 2015
op_relation Since March 2014, in response to the Ukrainian crisis, the European Union, United States and their partners imposed several rounds of economic sanctions against Russia. Stage II and III of EU’s sanctions, represented by two Council Regulations -833/2014 and 960/2014-include strengthen restrictions directly impacting Russian energy industry. The European companies are prohibited from trading equipment, technologies and services for use in specific Russian oil projects whereas several Russian financial institutions and energy companies, mostly state-owned, are subject to EU’s capital market restrictions. The paper aims to analyse the main consequences of the aforementioned ban of oil technology and oil services. It identifies as short and medium term consequences: the halting or the slowing down of important projects developed by Russian and Western oil companies regarding the exploitation of “hard-to-recover” oil fields; the replacing of the Western technology of oil drilling under the Arctic, deep water and shale and also of the oil services technology with Russian technology or imported technology; the likelihood of not meeting the 2030’s targets for Russia’s oil output (nearly 80 % of the current oil production is produced from mature Siberian deposits ), which would lead to a decline of revenues generated by oil industry and further to a decline of Russia’s state budget’s revenues; the further necessity to tap into Russia’s two sovereign wealth funds not only to back the oil companies affected by financial restrictions, but also to finance further budget deficits. There will also be significant geopolitical consequences, as in parallel with it its penetration of Asian growing energy markets, Russia will accelerate its eastward turn for cooperation in energy, technology and financial sectors; at the same time, offsetting the oil industry’s loss of revenues will require, from Russian side, maintaining its European gas market-share and good relations with its European customers.
http://www2.usaintlouis.be/public/iee/programme_euandep.pdf
https://orbi.uliege.be/handle/2268/196254
info:hdl:2268/196254
https://orbi.uliege.be/bitstream/2268/196254/1/programme_euandep.pdf
op_rights open access
http://purl.org/coar/access_right/c_abf2
info:eu-repo/semantics/openAccess
_version_ 1812809116183166976

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