war against Ukraine
US oil giant Exxon withdraws from Russia
Exxon condemns “Russia’s military actions” in Ukraine. Photo: Justin Lane/EPA FILE/dpa
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BP and Shell have already done it, now Exxon is following suit and is turning its back on Russia.
ExxonMobil plans to exit its oil and gas production business in Russia because of the Russian invasion of Ukraine.
“We condemn Russia’s military actions,” said the largest US oil multinational in a statement. The company supports the people of Ukraine and advocates a strong international response to Russia.
Exxon announced that the exit from the Sakhalin-1 oil and gas production project in Russia, which is operated jointly with the Russian Rosneft group and Indian and Japanese partner companies, will be carried out carefully and in close coordination with the other companies. In view of the current situation, the US group also rejects investments in new projects in Russia for the time being.
With its withdrawal from Russia, Exxon is following its competitors BP and Shell, which had also announced they would be giving up oil deals there in the past few days. The exit could be very expensive for companies. Exxon initially did not provide any information on the costs, it should be in the billions. The US corporation has been in Russia for decades and holds 30 percent of the Sakhalin-1 project.