The US government has imposed sanctions against the Crimean subsidiary of Ukraine’s national gas company, which was seized by the region’s parliament in the run-up to its annexation by Russia. The Department of Commerce said on Friday afternoon that Chernomorneftegaz – also known as Chornomornaftogaz – had been added to the list of entities facing trade restrictions, saying the company’s assets were “now being overseen by Russian government interests”. The sanctions are likely to make it impossible for US companies to enter joint ventures with Chernomorneftegaz to explore areas in the Black Sea that are believed to hold significant oil and gas reserves. However, it had already been clear since Russia’s move into Crimea that the disputed status of those areas would make operating there very difficult for western companies. ExxonMobil and Royal Dutch Shell had been pursuing an offshore joint venture in the Black Sea with companies other […]