Rosneft has no bans on payments for its exports in US dollars. This kind of report is either someone's concoction, or a misinformation action, says the company in a statement.
Yesterday the Reuters news agency said in a report that Russia's biggest oil company may come to face interruptions in its oil exports over the US and UK court orders that actually make it impossible to pay the company in US dollars. The court decisions have been prompted by financial claims of one of Rosneft's former competitors in Russia, the YUKOS Company, whose almost 400 million dollars' worth of assets were handed over to Rosneft several years ago. But many take this kind of claim as something questionable. Even the New York court has ruled that it lacks competence to examine this kind of case, since the only reason for recognizing the court jurisdiction could be the availability of Rosneft assets in the state of New York. Unless such assets are found within 60 days, the YUKOS shareholders' suit will be rejected.
On the London court decision to provisionally impound part of he Rosneft property in England and Wales, the company feels that the decision lacks any reasonable grounds. The company also points out that the cost of the property impounded is inessential for Rosneft's commercial performance and can in no way affect the company's effort to meet its liabilities. Anyway, the uncertain situation cannot last long. This is what an analyst with the Arbat Kapital Company Vitaly Gromadin says in an interview with the Voice of Russia on the issue:
"I believe, Vitaly Gromadin says, the issue will be settled in a matter of days. First of all, Rosneft's managers will make a decision on how they should act in the situation that's taken shape. Secondly, the situation will be settled at some political level. So, Rosneft either losses 400 million dollars or it will try to appeal against the court decision to that end and, perhaps, get back the 400 million dollars in question".
Anyway, experts feel that there are no grounds to claim that the situation that's emerged cold undercut Rosneft's business. After all, the company has financial reserves that will insure it against financial sanctions. Besides, Rosneft always has room for other manoeuvres, too. For instance, it exports oil to both Europe and China. These flows could be redistributed to meet both one's own interests and those of consumers. The company could also use mediators who would buy crude oil from Rosneft and then sell it in the very same Europe or the United States. Finally, Rosneft is a major player on the world oil market, so any moves to restrict the company's performance would first and foremost hit the consumers. For it is clear that an artificial removal of large amounts of hydrocarbons from the market will inevitably prompt a price jump at an early date.
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