A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin
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Stiff new U.S. sanctions against Russia would only have a limited impact on its oil industry because it has drastically reduced its reliance on Western funding and foreign partnerships and is lessening its dependence on imported technology.While the ruble has fallen more than 10 percent and Russian banking stocks have slumped 20 percent since the legislation was introduced, shares in Russian oil firms have climbed 2 percent, leaving them 27 percent higher so far in 2018 .U.S. oil giant ExxonMobil and Italy's Eni have dropped plans to help Russia develop offshore fields, and U.S. company ConocoPhillips sold out from Russia's biggest private oil firm Lukoil.The key remaining ventures involving Western companies are three projects between BP and Rosneft in East and West Siberia and a gas venture between Rosneft and ExxonMobil on Sakhalin island.The technology first came to Russia mainly via major Western oil services firms such as Schlumberger and Halliburton.Since 2014, Rosneft's own drilling subsidiary has doubled its market share to 25 percent, meaning the company has become almost self sufficient.
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