Sanctions and the Ukrainian crisis are already having an impact on foreign companies, if indirectly. Fears that sanctions will slow the Russian economy have caused the ruble to drop sharply in recent months, cutting the value of Russian earnings and assets.
BP said its earnings from its stake in Rosneft fell sharply in the first quarter because of the ruble's decline. Earnings from BP's stake in Rosneft fell to $271 million in the quarter ended March from $1.08 billion during the fourth quarter of last year.
Another effect of the sanctions is that foreign investors are delaying or pulling out of deals in Russia out of concern that further sanctions or turmoil will unravel them.
"The general effect of restricting the flow of international credit to Russia has had quite a chilling effect not just to Russia itself but in the companies that deal with them," said Chatham House's Hanson.
Fahey reported from New York.
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