New U.S. sanctions handed down on Friday, Sep. 12 are designed to effectively "shut off" Russian oil conglomerates from oil exploration projects, U.S. officials said, in a move aimed squarely at Russia's $425 billion-a-year petroleum industry.
Business Insider: Obama may have just dealt a crushing blow to Russia’s oil exploration
Russia's President Vladimir Putin (2nd R) visits a refinery of Russian oil giant Rosneft in the Black Sea port of Tuapse in southern Russia, on Oct. 11, 2013.
