US sanctions may have opposite effect, Russia’s Rosneft will work to minimize their effect, Rosneft CEO Igor Sechin said Thursday.

Axar.az reports citing Sputnik, US sanctions are beginning to affect those who put them in place, Russia’s Rosneft will work to minimize their effect, Rosneft CEO Igor Sechin said Thursday.

"I am sorry Exxon was hurt, it received a $2 million fine for communicating with us. So the sanctions are beginning to work against those who imposed them. This is positive … The president’s powers are limited. And sometimes it seems to me that the biggest sanctions are imposed against him, not us. So we shall see how the ones who take decisions like this. We shall look for opportunities to work in a way to minimize the effect of the sanctions," Sechin told reporters.

Moreover, Russia’s Rosneft company will work with Venezuela and expand the energy sector cooperation, Rosneft CEO Igor Sechin said Thursday.

"This is a country with the best hydrocarbon reserves in the world, and every oil and gas company should seek to work in this country from this point of view … As I said, we will never leave. Nobody will be able to make us leave. We shall work with Venezuela and increase our cooperation," Sechin told reporters.

The new US sanctions boost restrictive measures against Russia, particularly against the Russian energy industry. The new restrictions also counteract the construction of Russia's Nord Stream 2 gas pipeline, as the United States believes the project threatens the energy security of Ukraine and the European Union.