Putin’s War On Ukraine Puts Oil Giant Rosneft Under Mounting Pressure

(Bloomberg) — Along Russia’s remote Arctic coast last month, Igor Sechin stood beside a waiting tanker in the freezing cold with a message for Vladimir Putin: After years of construction, the country’s next great oil frontier was finally coming to life.

Hundreds of miles of pipeline now connected oil fields to storage tanks and a new port for Vostok Oil, part of an almost $50 billion investment. With Putin watching by video link, Sechin, the powerful head of state-run Rosneft PJSC, asked to begin loading the first tanker with crude. “Permission granted,” Putin said.

The ceremony carried particular weight for Russia’s