Rosneft: bruised but not beaten
The loss of a valuable US partner has shaken Rosneft, but it's sticking to its expansion plans and global investment strategy
Rosneft is on the backfoot after US sanctions on Russia forced ExxonMobil to abandon their joint venture in Siberia, while a deal to sell a stake to a Chinese investor may have hit the rocks after an arrest. Shares in Russia's oil champion tanked by as much as 5% in the three days after 28 February when Exxon announced that it was abandoning drilling ventures with Rosneft because of expanded US sanctions. That body blow was followed a day later by news that CEFC China Energy chairman Ye Jianming was being investigated for suspected financial crimes. The case jeopardises the Chinese group's $9bn acquisition of a 14% stake in Rosneft. While the CEFC deal may still be completed, the Exxon withd
Also in this section
24 February 2026
As Europe marks the fourth anniversary of the Russian-Ukraine conflict, EU efforts to tighten sanctions on Moscow have stalled
24 February 2026
Energy security continues to evolve as a strategic priority amid growing geopolitical tensions highlighted by increased volumes, a new energy law and persistent secrecy
24 February 2026
Sustained low temperatures have depleted storage levels and exposed the EU’s vulnerability to shocks even as the bloc moves ahead with phasing out all Russian imports
23 February 2026
The country’s upstream players have demonstrated resilience to low oil prices and are well positioned to prosper despite a volatile market
