Rosneft disputes with British authorities about interpretation of sanctions

On November 20, Rosneft filed a lawsuit against the Treasury of Great Britain, Department for Business, Innovation and Skills (BIS) and the Financial Conduct Authority (FCA). This is the second trial against sanctions, initiated by the company in European courts. In London, Rosneft contests local regulations on the implementation of the EU sanctions measures. In particular, the company brings into question some basic definitions of the sanctions and their interpretation by the British authorities.

According to Rosneft, the UK unreasonably widely interpreted the sanctions resolutions of Brussels, including the term "financial assistance” and a ban on the issue of global depository receipts (GDR). In addition, the company continues to believe that the EU authorities didn’t clearly describe what they meant by "shale" and "deep-water" project, follows from the decision of the London court on February 9.

Payments question

In accordance with the industry sanctions, European companies and citizens are forbidden not only to supply certain goods to Russia for the production of difficult oil, but also to provide "financing and financial assistance" in relation of the supply of prohibited technique.