U.S. Government Imposes Sanctions on Rosneft Chairman

igor sechin
Igor Sechin, President and Chairman of Rosneft

Rather than impose broad economic sanctions on Russia for their invasion of Ukraine and the annexation of Crimea, the U.S. Government is targeting individuals as part of Executive Order (E.O.) 13661 which was signed in March 2014.

The United States has expanded their sanctions today by going after seven Russian government officials, including members of the Putin’s leadership’s inner circle, and 17 entities.

On that list of seven is Igor Sechin, the President and Chairman of Rosneft, the world’s largest publicly traded oil and gas company, 69.5 percent-owned by the Russian government, 19.75 percent owned by BP, and the rest publicly traded.

Rosneft itself however, has not been sanctioned.

“In the April 17 Geneva Joint Statement, Russia agreed to take concrete steps to deescalate the situation in Ukraine, but has thus far utterly refused to do so,” said Under Secretary for Terrorism and Financial Intelligence David S. Cohen.  “From the very outset of Russia’s illegitimate and unlawful actions in Ukraine, we have been clear: The United States, acting on its own and alongside our international partners, will impose increasing costs on Russia if it persists in its efforts to destabilize Ukraine and will hold Russia accountable for its provocative actions.”

The U.S. Treasury notes in a statement, “Sechin has shown utter loyalty to Vladimir Putin – a key component to his current standing.”

It’s important to note that the EU has not yet imposed additional sanctions on Russia or Russian citizens.  According to a CNN report, additional EU sanctions are expected soon on “15 Russian officials who are believed to be undermining democracy and creating chaos in Ukraine,” however that list does not include individuals close to Putin.