U.S. sanctions target Rosneft CEO Igor Sechin. Shares fall 1.9 Pct

Igor Ivanovich Sechin, head of Russia’s largest oil company Rosneft, has found himself on the U.S. Department of the Treasury’s latest list of sanctions imposed on Russia for involvement in the Ukraine crisis.

Igor Sechin

According to a press release on The U.S. Department of the Treasury website, the U.S. designated seven Russian government officials, including two persons close to  the Russian president Vladimir Putin, and 17 companies pursuant to Executive Order (E.O.) 13661.

E.O. 13661 authorizes sanctions on, among others, officials of the Russian Government and any individual or entity that is owned or controlled by, that has acted for or on behalf of, or that has provided material or other support to, a senior Russian government official.

The Obama administration has imposed traveling bans, suspending entry of the listed persons into the U.S., and has authorised asset freezes of the listed officials and companies in the U.S.

The Treasury said that sanctions imposed against Sechin do not include Rosneft as a company. Rosneft shares fell as much as 1.9 percent following the announcement.

Rosneft is Russia’s leading oil company, and one of the world’s largest publicly-traded oil companies.

“In the April 17 Geneva Joint Statement, Russia agreed to take concrete steps to deescalate the situation in Ukraine, but has thus far utterly refused to do so,” said Under Secretary for Terrorism and Financial Intelligence David S. Cohen. “From the very outset of Russia’s illegitimate and unlawful actions in Ukraine, we have been clear: The United States, acting on its own and alongside our international partners, will impose increasing costs on Russia if it persists in its efforts to destabilize Ukraine and will hold Russia accountable for its provocative actions.”

Sechin

Graduated from Leningrad State University in 1984. PhD in Economics, Sechin is Vladimir Putin’s former deputy chief of staff and the former Deputy Prime Minister of the Russian Federation. Between 2004-2011 he was Chairman of the Board of Directors of Rosneft. Since May 2012 Sechin is President of Rosneft and Chairman of Rosneft’s Management Board.

Sechin is a Member of the Board of Directors of Rosneft since November 2012. He also serves on the boards of a number of companies. He is Chairman of the Board of Directors of Rosneftegaz, National Oil Consortium and United R&D Center (RN-CIR), Chairman of the Supervisory Board of CSKA PHC, President of RN Management, member of the Board of Directors of TNK-BP Limited.

Click here to see the list of Russian officials and companies sanctioned by the U.S.

 

Offshore Energy Today Staff, April 28, 2014

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