Technological sanctions affect less than 1% of Gazprom’s output, says company

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MOSCOW, February 26. /TASS/. Technological sanctions against Russia’s oil and gas sector, including Gazprom, affect projects where the output accounts for less than 1% of the holding’s overall production, Gazprom’s Deputy Chairman of the Management Committee Andrey Kruglov told the company’s Investor Day in Hong Kong on Tuesday.

“The so-called technological sanctions – the restrictions imposed on the companies of Gazprom Group, and also Russia’s oil and gas sector in general – are related to a ban on supplies of equipment, technologies and providing services for projects on the Arctic shelf, shale deposits and deep-water projects. All these projects in Gazprom Group are not the key ones and account for less than 1% of our production. Gazprom’s key business is developing traditional ashore gas deposits,” Kruglov said.

In 2014, amid the developments in Ukraine, the United States and the European Union imposed sanctions against Russia’s oil and gas sector, barring their companies from producing oil in the Arctic, on deep-water shelf and hard-to-reach deposits, and from supplying equipment for prospecting works and production and also providing services in these areas.

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