Russian Rosneft’s €70Bn “Vostok Oil” Arctic project stopped due to EU sanctions

Russian Rosneft’s Vostok Oil project in the Arctic, valued at €70Bn  has reportedly been stopped due to EU sanctions, as reported on Wednesday, July 6.

EU sanctions have stopped Russian Rosneft’s Vostok Oil project, a major oil project in the Arctic, according to Andrii Yermak, the Head of the Office of the President of Ukraine.

Yermak claimed that the project was planning to produce 2 per cent of the world’s oil by the end of the decade.

Due to EU sanctions established because of Russia’s ongoing war with Ukraine, the project previously expected to launch in 2024, will not be launched until at least 2029.

The Head of the Office of the President of Ukraine also added that the West’s sanctions would “guarantee Russia a path back to the past.”

He also claimed that “the gas embargo is the main issue that must be included in the EU’s latest sanctions package. It is also necessary to limit all oil imports.”

According to the Vostok Oil project’s official website, the project was set to “unite the largest deposits in the north of Krasnoyarsk Territory.”

At full capacity the oil project was forecast to produce  50 to 100 million tons of oil per year, an extremely lucrative enterprise, despite requiring an investment of trillions of roubles.

The news follows reports of top Russian businessman Yury Voronov, who had connections to Russian oil company Gazprom being found dead in a swimming pool near St Petersburg, as reported on July 5.

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