West cuts off aid to Russian oil exploration

September 13, 2014 4:50 AM

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WASHINGTON — The United States and the European Union moved Friday to shut down Western aid to Russian deepwater, Arctic offshore, and shale oil exploration, broadening and deepening the range of sanctions imposed on Moscow in retaliation for its intervention in Ukraine despite the potential cost to Western firms like Exxon Mobil and BP.

With twin announcements in Washington and Brussels, the new measures targeting Russia’s energy development came in addition to further limits on access to US and European capital markets, making it harder for Russian banks to obtain any credit in foreign capitals beyond short-term loans. The United ...

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