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Sanctions Threaten Russian Vostok Oil Project

OIL

Russian Rosneft’s Vostok Oil project in the Arctic is threatened due to EU sanctions

  • Vostok Oil, a $180bn oil project in the Arctic, has reportedly been delayed after at least two important Western financial backers are planning to pull out. According to forecasts from Rystad Energy, the project will not be launched before 2029 compared with an expected plan from 2024.
  • At full capacity the oil project was forecast to produce 50 to 100 million tons of oil per year and 2% of daily global output by the end of the decade.

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