Gazprom Neft Unaffected by US Oracle Sanctions Against Russian Oil Sector - CEO

"No," he said, when asked a corresponding question at the congress of the Russian Union of Industrialists and Entrepreneurs (RSPP).

On Thursday, the Kommersant newspaper reported, citing a letter from Oracle dated January 12, that the company had tightened the terms of providing products and services to Russian customers from the oil and gas industry included in the US sanctions list. The letter is accompanied by a list of companies subject to sanctions, including enterprises of Gazprom, Rosneft, LUKoil and Surgutneftegaz. Sanctions apply to all the projects with at least 33-percent participation of the sanctioned companies.

READ MORE: Anti-Russia Sanctions Have No Impact on Rosneft's Oil, Gas Shelf Projects

Oracle warned Russian partners that extended sanctions included ban on providing, exporting or re-exporting goods, services and technologies in support of deep-sea and Arctic offshore exploration, participation oil-producing shale projects or shale projects with oil production potential, if it involves one of the companies included by the US Office of Foreign Assets Control (OFAC) in Directive 4 under Executive Order 13662.

The ban applies to projects that started on January 29, 2018 or later. The restriction also applies to any renewals, changes or extension of already concluded contacts. It does not apply only to the provision of financial services, including accounting or insurance. Transactions that do not meet the requirements may be delayed or rejected.