Putin Condemns US and EU Sanctions on Russia's Oil Sector
#politics #sanctions #russia #oil #diplomacy
Putin denounces US/EU sanctions targeting Russia's oil sector, as Western measures aim to pressure Moscow amid the Ukraine conflict.
Rosneft is a Russian integrated energy company headquartered in Moscow, specializing in the **exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products**. Founded in 1993 as a state enterprise and incorporated in 1995, it rapidly expanded by acquiring key state-controlled assets, including those of the former Yukos oil company. After acquiring TNK-BP in 2013, Rosneft became the **world’s largest publicly traded petroleum company** by production volume[1]. The company holds a dominant position in the Russian oil and gas sector, producing about **40% of Russia’s oil** and being the largest independent gas producer in the country, with gas comprising over 25% of its hydrocarbon output[2]. Rosneft operates across all major Russian oil and gas provinces, including Siberia, the Urals, and offshore areas, and its activities extend internationally in over 20 countries[1][2]. It is also Russia’s largest taxpayer, contributing more than 6.1 trillion rubles in taxes and payments to the national budget by the end of 2024, marking a record in the Russian market[2]. Rosneft’s hydrocarbon reserves are among the largest globally for a public company, reaching 21.5 billion tons of oil equivalent by late 2024. Its exploration efficiency led to the discovery of 7 fields and 97 new deposits in 2024 alone[2]. The company’s refining capacity remains robust: in the first half of 2025, it refined 38.7 million tons of oil, producing high-quality motor fuels and catalysts essential for refining processes[4]. Rosneft controls numerous subsidiaries involved in upstream and downstream operations, including Bashneft and Sibneftegaz, expanding its reach across Russia’s hydrocarbon sector[5]. Environmentally, Rosneft has initiated biodiversity preservation programs and reforestation efforts through Bashneft
#politics #sanctions #russia #oil #diplomacy
Putin denounces US/EU sanctions targeting Russia's oil sector, as Western measures aim to pressure Moscow amid the Ukraine conflict.