Russian oil company OAO LUKoil Holdings said Wednesday its Iranian project was abandoned due to US sanctions, as pressure starts hurting investments from countries considered close to the Islamic Republic.
The LUKoil company issued a statement saying it had stopped further work on the Anaran project “because of the economic sanctions imposed by the U.S. government.” It blamed the sanctions for a loss of some $63 million last year and said it feared more losses if it continued to carry on the project.
The Anaran field (western Iran), with estimated oil reserves of 2 billion barrels, was operated by a consortium of Norwegian StatoilHydro (75 per cent) and LUKoil Overseas (25 per cent). LUKoil Overseas head Stanislav Kuzyev has clarified that his company retains its rights in the project and would be ready to return “under more favourable economic circumstances.”
The news of the LUKoil pullout came hours after a senior Russian diplomat said “clouds are gathering” over Tehran’s reluctance to accept a United Nations offer to replace fuel for an atomic reactor.
“Iran’s position leaves less and less room for diplomatic manoeuvre,” the diplomat told foreign media on condition of anonymity. The diplomat, however, said Russia would not support “paralysing sanctions” that could “punish 70 million Iranians”.

source: The Hindu