Rosneft's Arctic oil development project is stopped due to Western sanctions

Andriy Yermak, head of the Ukrainian President's Office, informed about this.

The Vostok Oil development project in the Arctic of the Russian company Rosneft has stopped due to sanctions. Previously, the project was estimated at EUR 70 billion and was supposed to be launched by 2024. However, according to forecasts, it will not be possible to launch it until at least 2029.

Earlier, by the end of the decade, it was planned to extract 2% of the world's oil there.

"Western sanctions guarantee Russia a way 'back to the past'. The gas embargo is the main thing that should be in the seventh EU sanctions package. It is also necessary to limit all oil imports," Yermak commented.