MOSCOW, Sept. 15 (UPI) -- A spokesman for Royal Dutch Shell said Monday the company was reviewing what impact, if any, sanctions would have on its ties to the Russian energy sector.
"We are proud of our strong partnership with Russian companies," the spokesperson said. "We will explore the latest sanctions and their possible impact on our business."
The European Union last week enacted tighter sanctions on Russia's energy sector in response to ongoing crises in Ukraine. The measure was enforced in coordination with Washington.
Russia's government relies heavily on oil revenue. A spokesman for Shell told state news agency RIA Novosti the sanctions were under review.
The Russian currency was trading at a record low against the U.S. dollar as sanctions started to take their toll on the Russian economy.
Shell is working alongside Russian energy company Gazprom on the Sakhalin liquefied natural gas project in the Far East. The project is part of Russia's efforts to tap into growing Asian markets.
Russian officials have said sanctions pressure from the West was coming at a time when business interests were shifting toward Eastern markets.
