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Western sanctions no impact on new projects: Russian oil giant

Xinhua, September 28, 2016 Adjust font size:

Western sanctions had no impact on the company's projects on the shelf of the Sea of Okhotsk, an official from Russian oil giant Rosneft said Wednesday.

According to Russian news agency RIA Novosti, Alexander Zharov, director of Rosneft's Licensing and Subsoil Usage Department, said that the sanctions only mobilized and motivated the company to increase its production and that "challenges and postponing of our projects are not a consequence of Western sanctions." He also said that "all our projects will be continued."

The deadline for the projects' drilling process has been postponed only because the projects need more study and the company would like to come up with the best decision, not because of lack of equipment, he said at a meeting in the country's far eastern city of Yuzhno-Sakhalinsk.

Falling oil prices and Western sanctions have plunged Russia's economy, which is heavily dependent on exports of energy resources, into a recession.

The country's gross domestic product (GDP) contracted by 3.7 percent in 2015. Endi