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OIL AND GAS
Greenpeace says Russian probe into Arctic 30 finally over
by Daniel J. Graeber
London (UPI) Oct 2, 2014


Sanctions on Russia keeping inflation high
Moscow (UPI) Oct 2, 2014 - The head of the Russian Central Bank said Thursday sanctions on the energy sector are getting in the way of efforts to control inflation.

The U.S. and European governments have imposed punitive sanctions on Russian energy companies Rosneft, Gazprom Neft and others in response to the crisis in Ukraine. In September, the European Bank for Reconstruction and Development said sanctions were taking their toll on the Russian economy.

"It's already obvious that we will not reach our goal on inflation this year; according to our assessments, inflation will be around 8 percent," Russian Central Bank Director Elvira Nabiullina said Thursday.

The bank this year said it expected Russian inflation would be around 7 percent for 2014. In August, it said it was ready prop up some of the institutions burdened by sanctions pressure.

Exports of crude oil, petroleum products and natural gas account for nearly 70 of all Russian export revenues in 2013.

A report from the World Bank finds Russia's export-based economy leaves it vulnerable.

"Current geopolitical tensions are adversely impacting" Russia's trade relationships, the bank said.

Advocacy group Greenpeace said Russian investigators have closed the books on its probe into the actions of activists dubbed the Arctic 30.

Greenpeace last year used its Arctic Sunrise vessel to gain access to the Prirazlomnaya rig, deployed by Russian energy company Gazprom for work in the country's arctic waters. Two freelance journalists and 28 Greenpeace activists, dubbed the Arctic 30, were held by Russian authorities on piracy charges last year.

Greenpeace said its lawyers were informed by the Kremlin that the investigation was officially closed.

"Since this story began, the [Russian] Investigative Committee has tried to bend the rule of law to persecute those who dare to oppose Arctic oil drilling," Greenpeace International Executive Director Kumi Naidoo said in a Wednesday statement. "This persecution has had the opposite effect, and our movement is much stronger both in Russia and around the world."

The Russian Foreign Ministry said the action "had the appearance of extremist activity." Greenpeace said it was concerned about the potential for an oil spill in the harsh arctic environment.

Greenpeace activists in May staged a similar protest against Gazprom and Norwegian energy company Statoil for their planned operations in the frigid northern climate.

In New Zealand, activists smeared themselves Thursday with fake oil to protest against Statoil's campaign there.

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