Russia’s largest oil producer, Rosneft, has branded the US sanctions “illegitimate” and “groundless”.
The firm said the constraints would do little to detract from its business and confirmed the company’s strategy remains the same.
The US recently announced its most aggressive clampdown on Russia yet. Under the new sanctions Rosneft would be banned from accessing US equity or debt markets for new financing with a maturity beyond 90 days.
“Rosneft has no influence on either political or economic processes ongoing in Ukraine,” the state-run company said in the statement. “For this reason, the above-mentioned sanctions are illegitimate and groundless.”
The sanctions did affect the company’s stock which fell 4.3%, its biggest drop in more than a year, after they were announced.
In recent years, Rosneft has tightened its ties with China. Last year, the company signed a 25-year supply agreement worth $270billion with China National Petroleum Corp. In October, it signed another bumper deal with China Petroleum Corp. The 10-year supply deal was worth $85billion.
Recommended for you
