Sanctions on Rosneft's Sechin cause problems for more than just BP

|About: BP p.l.c. (BP)|By:, SA News Editor

The newest sanctions on Rosneft's (RNFTF) Igor Sechin will muddy the waters for more companies than just BP, as other major oil companies have increased their exposure in Russia in recent years.

Exxon (XOM) struck a deal with Rosneft in 2011 to explore Russia's Arctic seas and shale in western Siberia, which could hold billions of barrels of crude; the agreement has since been expanded to include the Black Sea and an area of the Arctic bigger than Texas.

Royal Dutch Shell (RDS.A, RDS.B) has a small stake in a Caspian oil pipeline in a joint venture with Rosneft; Statoil (STO) has joint projects with Rosneft in the Russian part of the Barents Sea and the Sea of Okhotsk, which it says it is delaying due to operational factors only and not related to the tension over Ukraine.

Also, commodities trading giants Glencore (GLCNF, GLNCY), Vitol and Trafigura all have close ties with Rosneft; Glencore even lent $500M to Rosneft.