FT told me how anti-Russian sanctions have given the oil companies from the EU advantage

© AP Photo / Hasan JamaliДобыча oil. Archival photoFT told me how anti-Russian sanctions have given the oil companies from the EU advantage© AP Photo / Hasan Jamali

After the sanctions, us oil companies left the Russian market, while European find the opportunity to continue cooperation with Russia, writes the Financial Times.

This is due to the differences in the legislation of the USA and the EU, said the publication, a former employee of the Ministry of Finance of the USA Elizabeth Rosenberg. So, if a us company ExxonMobil stopped work on joint projects with Russia, the impact of sanctions on European companies has been less severe, particularly because of the position of regulators in Brussels.

In the EU, the implementation of the sanctions imposed on individual countries, which creates opportunities to bypass any restrictions. In the U.S., this centrally engaged in the Office of foreign assets control (OFAC) within the Ministry of Finance of the country. «European companies believe, and perhaps rightly, that the EU sanctions allow them greater freedom of action», — quotes the Financial Times lawyer Robert Volterra.

In particular, at the St. Petersburg international economic forum was attended by representatives of European companies such as Total, BP, Royal Dutch Shell and ExxonMobil, however, if many companies from the EU have signed a new deal or talked about the development of existing projects in Russia, ExxonMobil got nothing, the authors say.

Proposed in Washington to strengthen anti-sanctions already caused a negative reaction in the EU, particularly in Germany. Moreover, if these sanctions will enter into force, ExxonMobil disadvantage relative to European competitors will only intensify, say the authors.