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No quick fix on sanctions, Russia says

20 April 2018 , 16:07Daniel J. GraeberNeftegaz.RU729

Moscow, April 20 - Neftegaz.RU. There are no quick remedies to help support companies like Gazprom that are the target of U.S. sanctions, a Russian presidential spokesman said.


The U.S. Treasury Department in early April extended sanctions to people associated with Gazprom. Dmitry Peskov, the spokesman for President Vladimir Putin, said there were no easy remedies to support sanction targets.


«As far as I know, so far there are not any ready-made scenarios, formulas of providing support yet, which is quite explicable,» he was quoted by Tass as saying.


Gazprom outlined total capital investments for the year at $13.6 billion, with a little more than half of that going toward long-term financial investments.


This week, Russian exploration and production company Zarubezhneft established a framework to work at oil fields in western Iran, another target of U.S. sanctions.


On April 18, Gazprom CEO Alexey Miller met in Riyadh with Saudi Oil Minister Khalid al-Falih. An addendum to an existing MoU with Saudi Arabian Oil Co. was «aimed at widening the possible areas of cooperation between the companies» a statement from Gazprom read.


Russia is working with members of the OPEC in an effort to restore balance to a market that was titled heavily toward the supply side. Now in its 2nd year, the arrangement is in part behind a steady rally in crude oil prices.


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