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Breaking News: The Tragedy Is Unfolding — Gerhard Schroeder Quits Rosneft Board

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Breaking News: The Tragedy Is Unfolding — Gerhard Schroeder Quits Rosneft Board

NEW YORK ( — It is a logical and tragic act of a modern Russian – German drama. Russian state energy company Rosneft says former German Chancellor Gerhard Schroeder plans to leave its board of directors as a backlash over his ties with Russia and its energy sector mounts. Schroeder, 78, is the chairman of Rosneft’s board. Rosneft said Friday that Schroeder announced “the impossibility of extending his powers on the board of directors of Rosneft.”

The Yale School of Managemt

U.S. citizens in Ukraine: follow @USEmbassyKyiv and @TravelGov on Twitter, and complete this form to be able to communicate with you. U.S. citizens seeking to depart Ukraine can call 1-833-741-2777 (in the U.S.) or 1-606-260-4379 (from overseas). The Yale School of Management keeps a list of companies with a significant presence in Russia. CLICK HERE to find out more about the ‘List of Shame‘.

The Yale School of Management
The Yale School of Management


PJSC Rosneft Oil Company (Russian: Росне́фть, tr. Rosnéft’, IPA: [ˌrosˈnʲeftʲ] stylized as ROSNEFT) is a Russian integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. The company is controlled by the Russian government through the Rosneftegaz holding company. Its name is a portmanteau of the Russian words Rossiyskaya neft (RussianРоссийская нефтьlit. ’Russian oil’).[3][4]

Rosneft was founded in 1993 as a state enterprise and then incorporated in 1995, acquiring a number of state-controlled gas and oil assets. It became Russia’s leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. After acquiring OJSC TNK-BP in 2013, then one of the largest oil companies of Russia, Rosneft became the world’s largest publicly traded petroleum company.[4][5]

Rosneft is the third largest Russian company and the second-largest state-controlled company (after Gazprom) in Russia in terms of revenue (4,134 billion).[6] Internationally, it is one of the largest oil companies, ranking 24 in terms of revenue. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world.[7] The company operates in more than twenty countries around the world.[3][4]

International sanctions during the Russo-Ukrainian War

International sanctions have been imposed during the Russo-Ukrainian War by a large number of countries, including the United StatesCanada, and the European Union against Russia and Crimea following the Russian invasion of Ukraine, which began in late February 2014. Belarus has also been sanctioned for its cooperation with and assistance to Russian armed forces.[1] The sanctions were imposed by the United States, among other countries and international organisations against individuals, businesses and officials from Russia, and Ukraine[2] Russia responded with sanctions against several countries, including a total ban on food imports from AustraliaCanadaNorwayJapan, the United States and the EU.

The sanctions contributed to the collapse of the Russian ruble and the Russian financial crisis.[3] They also caused economic damage to the EU economy, with total losses estimated at €100 billion (as of 2015).[4] As of 2014, Russia’s finance minister announced that the sanctions had cost Russia $40 billion, with another $100 billion loss in 2014 taken due to the decrease in the price of oil the same year driven by the 2010s oil glut.[5] Following the latest sanctions imposed in August 2018, economic losses incurred by Russia amount to some 0.5–1.5% in foregone GDP growth. Russian president Vladimir Putin has accused the United States of conspiring with Saudi Arabia to intentionally weaken the Russian economy by decreasing the price of oil.[6] By mid-2016, Russia had lost an estimated $170 billion due to financial sanctions, with another $400 billion in lost revenues from oil and gas.[7] According to Ukrainian officials,[a] the sanctions forced Russia to change its approach toward Ukraine and undermined the Russian military advances in the region.[8][9] Representatives of these countries say that they will lift sanctions against Russia only after Moscow fulfills the Minsk II agreements.[10][11][12]

As of April 2022, the sanctions by the European Union and United States continue to be in effect.[13][14] In January 2022, the EU announced the latest extension of sanctions until 31 July 2022.[15] Following Russia’s invasion of Ukraine in February 2022, the United States, the EU,[16] and other countries[17] introduced or significantly expanded sanctions to include Vladimir Putin and other government members.[18] They also cut off selected Russian banks from SWIFT,[19] triggering the 2022 Russian financial crisis and a massive international boycott of Russia and Belarus.



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