But the impact on the Russian oil and gas industry will mainly be felt in the longer term, thinks van den Beukel of the HCSS. “There have been sanctions since 2014 and the occupation of Crimea. Now they are even heavier. As a result, Russia loses access to Western financing for its oil and gas projects, and Western technology. And Russians can do a lot themselves, but especially onshore (oil and gas extraction on the mainland, ed.)† Especially for offshore (at sea, ed.), shale oil and gas, and LNG plants they don’t have the technology. For this they worked together with Shell and TotalEnergies.”
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