Russia's Rosneft calls U.S. sanctions threat unfair competition

Russian oil producer Rosneft said on Tuesday that any attempts to curb its income in Venezuela would be illegal and that the United States was using the threat of sanctions as a form of unfair competition, Reuters reports.

Rosneft said in a statement that all its oil operations in Venezuela had been agreed before U.S. sanctions were imposed and rhetoric from the U.S. government was aimed at creating tensions on global oil markets.