MOSCOW, September 15 (RIA Novosti) - Russian oil company Gazprom Neft will be able to meet its financial needs with the help of accrued funds in 2015, said Vadim Yakovlev, deputy chairman of the Management Board and first deputy CEO.
"The business plan, the budget for 2015 and the production plan are being considered at the moment. We feel a certain influence on the availability of financing, of course. There are not as many offers. It is likely to affect the cost. But the level of this influence is not critical; the volume of refinancing of the current debts for the next year is not significant. We will be able to meet our financial needs with the help of accrued funds," Yakovlev said.
"We do not expect to be forced to suspend our projects because of outrageous financial costs," the first deputy CEO added.
A new round of sanctions was introduced by the European Union and the United States against Russia on September 12 over its alleged role in the Ukrainian crisis, something Moscow has repeatedly denied. The new sanctions target the country’s largest banks, energy and defense companies, as well as individuals.
The EU has restricted several large Russian companies from seeking finance capital on European financial markets, Gazprom Neft being one of those companies. Private and institutional investors cannot lend to Russian oil companies for more than 30 days, purchase or trade bonds, shares and other financial instruments with a term of more than 30 days.
Russian President Vladimir Putin called the use of sanctions ineffective and counterproductive. Presidential spokesman Dmitri Peskov noted that the sanctions did not make sense as Russia has made efforts to stop the fighting and assist in a peace treaty in eastern Ukraine.