Sanctions on Russian oil giant unlikely to hurt BP
The impact on U.S. companies from stricter sanctions on Russia should be minimal, analysts say.
The sanctions specifically target the oil giant Rosneft’s ability to borrow western capital, the Houston Chronicle reports.
{mosads}That hit on Rosneft shouldn’t affect its relationship with BP, its biggest investor, Brian Youngberg, an analyst with Edward Jones, told the Chronicle.
“As of now, I don’t think there’s going to be any real impact on the operations,” Youngberg said. “Today’s sanctions are more tied to how Rosneft funds its growth.”
BP owns 19.8 percent stake in Rosneft and is supplied with 1 million barrels of oil per day from its production in Russia.
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