US oil major quits Russia

ExxonMobil cites the war in Ukraine as its reason for leaving

US energy giant ExxonMobil will discontinue its operations at Russia’s Sakhalin-1 oil and gas project and will make no new investments in the country, the company announced on Tuesday.

In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture,” the energy major said in a statement published on its website, adding that the company was “fully complying with all sanctions.”

The US and EU slapped Russia with the toughest-ever sanctions over its invasion of Ukraine, freezing Moscow’s assets abroad and essentially banning businesses from working with the country.

Sakhalin-1 is one of Russia’s biggest oil and gas projects with direct foreign investment. ExxonMobil is one of the largest publicly traded energy companies in the world.

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