Insight - Sanctions bind Russia's energy elite to Putin


A general view shows the headquarters of Gazprom on the day of the annual general meeting of the company's shareholders in Moscow, June 27, 2014. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - An offer by Gazprom to help rival Rosneft salvage an Arctic oil project shows how tightly sanctions have bound Russia's political and business elite together in the Ukraine crisis - an unintended consequence of the West's punitive measures.

Some Gazprom executives now say this month's little noticed proposal to loan Rosneft a drilling rig was "theoretical". It was quietly made after U.S. sanctions put in doubt a project with ExxonMobil to drill for oil in the Kara Sea.

Play, subscribe and stand a chance to win prizes worth over RM39,000! T&C applies.

Monthly Plan

RM 13.90/month

RM 11.12/month

Billed as RM 11.12 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 9.87/month

Billed as RM 118.40 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In World

Myanmar's junta chief set for parliamentary vote on presidential bid
Cuba to free 2,010 prisoners from island jails in 'sovereign gesture'
South Korea, France to upgrade ties as Macron trip overshadowed by Middle East crisis
Trump sacks attorney general, replaces with ex-personal lawyer
UN-backed Haiti mission implicated in four cases of sexual abuse, report shows
Iran says attacks Oracle data center; Dubai authorities deny
Roundup: Humanitarian crisis worsens in Lebanon, Gaza, West Bank as Mideast conflict continues: UN
Zelenskiy offers Ukraine's maritime expertise with Strait of Hormuz
Russia's new car sales rise 4 pct in Q1
From the Frontline: War-weary Iraqis find solace in football

Others Also Read