... northernmost region of the world. Despite ongoing constructive contacts within the Arctic Council, many of its members and observers maintain sanctions pressure on Russia.
In 2014, the US and the European Union (EU) introduced restrictive measures against the Russian Federation, which are actively associated with a notion of sanctions in the foreign doctrine [
1
].
Ivan Panichkin:
Arctic Oil and Gas Resource Development: Current Situation and Prospects?
However, it should be noted that the prevailing point of view in the Russian legal doctrine is that the notions of sanctions and unilateral restrictive measures should not be confused. The ...
... likely to lobby for the liberalization of access to shelf deposits, as most of the blocks are already split between them and Gazprom. However, it might be difficult to reach a consensus with the Russian leadership in the case that the USA strengthens sanctions against the Russian oil and gas sector.
What Will the New Sanctions Lead to?
Pavel Sharikov:
How to Make Russia-U.S. Relations Great Again?
The adoption of the new anti-Russian sanctions will definitely complicate the life of the above mentioned foreign partners, and might worsen ...
... of natural gas by 2030), which could require investments of more than $1 trillion, are significantly hampered by the economic sanctions.
Conclusion
The continental shelf plays an important role in sustaining global oil and gas production. Over the past ten years, more than two-thirds of the world’s hydrocarbon reserves have been discovered on ... ... present, only a handful of isolated projects are being carried out on the continental shelf of the United States, Norway and Russia. Experts predict that, by 2030, geological exploration will primarily be conducted in the Arctic shelf, and deposits in ...
