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Gazprom defiant amid new U.S. sanctions

Kremlin threatens action at World Trade Organization.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   July 21, 2014 at 8:57 AM

MOSCOW, July 21 (UPI) -- Russian energy company Gazprom said it's able to settle all of its payments in Russian and foreign currencies in the face of new U.S. sanctions.

Oil company Rosneft, Russian independent gas producer Novatek and the financial arm of Russian natural gas Gazprom were included on the list of sanctioned entities by the U.S. government last week.

Gazprom said in a statement Sunday it was able to settle payments opened by Gazprombank in full and on time "despite the expanded sanctions imposed unilaterally by the U.S. [government]."

The Russian economy relies heavily on the energy sector. Russian Minister of Economic Development Alexei Ulyukayev said Saturday his government may raise the issue of new U.S. sanctions with the World Trade Organization.

He said the government was analyzing the potential impact of U.S. sanctions very carefully.

"Our American partners have overstepped a certain line and this cannot be left unnoticed," he said. "It is very important to form a qualitative climate for investors so that they could work for the benefit of the Russian economy even under sanctions."

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