American sanctions against Russia’s energy industry aim to limit the latter’s ability to develop shale reserves, which inadvertently makes them less effective political tools, according to the results of a new investigation by Reuters.
U.S. sanctions against Moscow in 2014 worked to “impede Russia’s ability to develop so-called frontier or unconventional oil resources,” the Treasury Department said. The measures, which were enacted as a political reaction to the Crimean annexation, targeted projects that would allow fracking initiatives to penetrate Russian markets. At the time, Russian majors depended on Western technology to use the technique at all.
But Norway’s Statoil and British Petroleum …read more
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