Russia’s Rosneft has signed another major deal with Britain’s BP.
The five-year agreement will supply BP with up to 12 million tonnes of refined oil products. It involves prepayment to Rosneft the equivalent of 1.1 billion euros.
It is the second big deal between the two since sanctions were imposed not directly on Rosneft, but on the Russian oil company’s chief executive, Igor Sechin, who is a close ally of President Vladimir Putin.
The sanctions, which followed Putin’s annexation of Crimea, have had only a limited impact on the Russian energy industry, a cornerstone of Russia’s economy.
Rosneft’s Sechin is one of several Russian officials who had a visa ban and asset freeze imposed on them by the United States.
“I am working here with Rosneft. It’s a business between the companies. I don’t comment on personal sanctions,” BP’s chief executive Bob Dudley told reporters in Khabarovsk in Russia’s far east after attending the signing ceremony.