September 12, 2014 | Quote
Obama May Have Just Dealt A Crushing Blow To Russia’s Oil Exploration
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Mark Dubowitz, the executive director of the Foundation for Defense of Democracies and an expert on previous sanctions leveled against countries like Iran, told Business Insider it was a smart escalation in sanctions.
“The new sanctions are smart and targeted and will impact Russia's access to Western technology and services that are needed to develop Moscow's medium to long-term oil exploration and production capacity,” Dubowitz said.
“There will be winners and losers, including companies like Exxon and BP, but Western companies will adjust as they have to past energy sanctions against countries like Iran, Iraq, Sudan, and others. The real pain will be borne by Moscow, for whom energy is their economic lifeblood.”
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