The Moscow Times: Western Sanctions Could Damage One-Fifth of Russia's Oil Production

Some 100 million tons of annual oil production — or about 20 percent Russia's total oil output — is at risk because of sanctions related to the supply of Western technology and expertise to Russia, Vagit Alekperov, the head of Russia's No. 2 oil company, said Friday.

Executives at an international business forum in Sochi said in the long run, Russian oil companies can do without the Western technology banned by the latest sanctions imposed on Moscow over the conflict in Ukraine.

But at what cost? they asked.

Earlier this month, the United States and European Union imposed sanctions on leading Russian energy companies, including Rosneft and LUKoil, preventing U.S. and EU firms from supporting their exploration or production activities in deep water, Arctic offshore or shale projects.
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