Russian businesses should think about holding their breath in hopes of being licensed to operate on the Norwegian continental shelf.

"No Russian companies were issued production licenses in the latest [allocation] round. As the situation stands now with Russia's invasion of Ukraine, it's irrelevant to allow Russian companies to hold licenses for the Norwegian continental shelf. Norway stands with Europe upholding extensive sanctions placed on Russia last week," says press spokesperson Margrete Løbben Hanssen from the Ministry of Petroleum & Energy to media E24.

In 2012, Equinor signed a deal with Russian Rosneft regarding cooperation in the latter's home market. The same year, Rosneft and Lukoil established themselves in Norway.

Lukoil was approved as operator on the Norwegian shelf in the preceding year, and in connection with setting up in the Scandinavian country, Rosneft was also approved as co-owner of assets in Norway's economic waters.

Tuesday this week, fossil lobby Norway Oil & Gas announced the exclusion of Rosneft and Lukoil, with the latter having already canceled its membership in the organization, a press statement from the association reads.

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