Updated 1:20 a.m. Moscow Time
MOSCOW, September 15 (RIA Novosti) - Sectoral sanctions imposed on Russia by the European Union and the United States fail to inflict a severe damage on Gazprom Neft, according to Vadim Yakovlev, deputy chairman of the Management Board and first deputy CEO.
"As for the previously implemented sanctions, there is no real damage to our company. There are no cases when we would have to suspend some of our projects, and there are no situations, in which our operations would have to halt. Yes, there are certain difficulties. Our suppliers are forced to apply for authorization documents. It creates certain delays, and there are a small number of cases when the delivery of non-crucial equipment has been refused. Usually, we have managed to find alternative ways," he said.
Speaking of the new round of sanctions introduced on September 12, Yakovlev said that the company's main partners did not feel a big impact of those.
"Judging by talks with our main partners, they do not feel the influence [of sanctions]. What our partners do is they also choose the path of localization, meaning the services are provided by Russian staff of oilfield companies," he added.
The first deputy CEO also noted that the sanctions have given Gazprom Neft a reason to work on import substitution.
"In terms of our work and our future, we intend to work on import substitution, localization. It concerns our current requirements, as well as our future projects," Yakovlev said
On September 12, the European Union and the United States imposed a new round of sanctions on Russia over its alleged involvement in the Ukrainian crisis, the claim Moscow has repeatedly denied. The new sanctions target Russian banking, oil and defense sectors.
The sanctions complicate access to EU and US credit for a number of key Russian banks and oil and defense companies, including Gazprom Neft. In addition, they banned the provision of technical and other assistance to Russian companies in oil exploration and production, specifically in the Arctic region drilling and shale oil projects.
Russia called the sanctions counterproductive, while both EU and US officials noted that the sanctions can be reviewed and lifted if the situation in Ukraine improves.
