RoydadNaft –  Russian President Vladimir Putin signed a decree on Monday authorising transactions involving the 7.5% stake held by Rosneft-Shell Caspian Ventures Limited in the Caspian Pipeline Consortium (CPC), the critical export route for Kazakh oil to global markets.

The decree, published on the official Russian government portal, permits deals that “may entail direct or indirect acquisition or termination of rights” to the joint-venture’s interest in the CPC. No further details on the nature or timing of any transaction were provided.

The CPC pipeline, which runs from Kazakhstan’s Tengiz field to Russia’s Black Sea port of Novorossiysk, is one of the world’s largest oil export arteries outside OPEC control. Major shareholders include Chevron (15%), ExxonMobil (7.5%), Eni (2%), Lukoil (12.5%), and a consortium of Kazakh and Russian state entities.

The Rosneft-Shell joint venture – established before Western sanctions dramatically curtailed cooperation between Moscow and international oil majors – has come under renewed scrutiny since the United States imposed fresh sanctions on Rosneft and Lukoil in October over Russia’s war in Ukraine.

While Rosneft has not publicly signalled any intention to divest the stake, Lukoil announced last month that it would sell its foreign assets in response to the sanctions pressure.

Shell, which has been unwinding its Russian operations since 2022, declined to comment on the decree.

The Kremlin’s move is widely seen as a precautionary step to give Russian entities flexibility in restructuring foreign-held energy assets amid escalating Western sanctions and the growing isolation of Russia’s oil sector.