The Financial Times reports that “Since sanctions were announced at the end of last month, those monitoring the oil industry have questioned whether the restrictions placed on Russia by the EU and the US are just a piece of ‘theatre’ without any meaningful impact.”  

“And with good reason.”  

The restrictions apply to the ‘sale, supply, transfer or export [of certain technologies] in connection with a project pertaining to deep sea drilling, arctic exploration or shale oil.'”