Sanctions begin to bite at Rosneft

|About: Rosneft Oil Company OJSC (RNFTF)|By:, SA News Editor

Rosneft (OTC:RNFTF) CEO Igor Sechin has asked the Russian government for $41.6B to help his company withstand western sanctions, says Russia's Vedomosti newspaper.

The U.S. and EU have banned credits and loans to Rosneft with a maturity longer than 90 days, and the company is now seeking for Russia's National Wealth Fund to buy Rosneft bonds.

Roseneft already has net debt of $44.5B, mainly due to its $54B acquisition of oil company TNK-BP (OTC:TNKBF) last year.