A fresh wave of international sanctions could hamper Rosneft’s plans to drill dozens of exploration wells.
Russia’s largest oil producer has outlined plans to drill 40 offshore wells in partnership with Exxon Mobil, Statoil and Eni Spa.
The wells are part of a programme which extends into 2018.
However, new European sanctions state new export licenses for energy-related equipment and technology will be denied if the products are destined for Arctic, deep water or shale oil projects in Russia.
The latest instalment of imposed limits could hamper Rosneft’s bid to increase output 30% by 2020.
The sanctions follow international backlash in the wake of the downing of a Malaysian airliner on July 17, which killed everyone on board.
New US sanction limit Rosneft’s access to capital markets and travel by its chief executive Igor Sechin.
President Barack Obama insisted the restrictions were not a reincarnation of the Cold War.
Instead he said: “Russia’s actions in Ukraine and the sanctions that we’ve already imposed have made a weak Russian economy even weaker.”
He added: “Today Russia is once again isolating itself from the international community, setting back decades of genuine progress. It does not have to be this way. This a choice Russia and president Putin has made.”
Meanwhile, Shadow chancellor Ed Balls said the sanctions could have a knock-on effect on British companies, including those operating in the oil sector.
“It’s important that the European Union rises to the challenge, and I think it’s now beginning to, working with our American partners,” he said.
“You can’t have a situation where our global economy, peace and stability in Europe, is being destabilised by the kind of irresponsible and idiosyncratic go-it-alone actions we’ve seen from Mr Putin in Russia.
“The world has got to stand up and say ’We are not going to go back to those days. The way in which things have happened in Ukraine has been so badly wrong that we need to make a stand’.
“I think these sanctions will be tough. We need to keep an eye on what is happening in our economies. Clearly, BP are saying today it will affect them, but it’s also going to affect lots of Russian oligarchs who will find it harder to bring their money to London to invest in houses here.
“It’s important that Mr Putin understands there are consequences when he does some of the things he has done.”
Rosneft’s oil output fell to an average of 4.13 million barrels a day for its second quarter results compared to last year’s 4.22 million barrel mark.
Following the fresh sanctions, a Statoil spokesman said: “There’s nothing today that changes our impression of the progression of the projects,” which are still at a very early stage, Knut Rostad said.
“We will ensure that our activities are in compliance with the sanctions.”
The Norwegian-operator spoke-out on the same day as its government.
Foreign Minister Boerge Brende hinted Norway would soon follow suit, abiding by the US and EU sanctions.
“Serious foreign policy considerations dictate that Norway join them and we will consult parliamentary bodies before a final decision is taken,” he said.
“The new EU restrictive measures against Russia show the seriousness of the deteriorating situation in Ukraine.”