US, EU sanctions to have minimal impact on OMCs: Fitch

MUMBAI: The US sanctions on two of Russia’s largest crude oil producers–Rosneft and Lukoil–and the EU ban on refined imports derived from Russian crude, are unlikely to have a significant effect on the refining margins and credit profiles of the country’s oil marketing companies, according to international rating agency Fitch Ratings.

However, Fitch feels that the scale of the impact will depend on how long sanctions remain in place and how rigorously they are enforced.