Saras, Rosneft Shelve JV Trading Plans

Italian refiner Saras and Russian energy giant Rosneft have decided not to press ahead with plans to set up a joint venture in trading, the Saras managing director said on Tuesday.

"We decided reciprocally not to go ahead with the joint venture, for political reasons," Dario Scaffardi said on the sidelines of the Saras shareholder meeting.

The sanctions imposed on Russia by the United States and Europe in response to its military action in Ukraine have hurt Rosneft. The Russian group owns 21 percent of Saras.

Reporting by Stephen Jewke