Exxon Mobil Corp. flagged it would join key rivals in exiting Russia as pressure grows on global energy giants to respond decisively to the invasion of Ukraine.
The company, which holds a 30% stake in the Sakhalin 1 offshore oil asset in Russia’s Far East, will begin steps to discontinue operations and leave the venture, Exxon said in a statement. No timeframe was given, and the fact Exxon serves as operator of the facility sets up a complicated, and potentially lengthy process to quit its only remaining oil-producing asset in the nation.
Exxon also signaled a wider severing of long-standing ties with a country that had once been viewed as a long-term growth engine. "Given the current situation, ExxonMobil will not invest in new developments in Russia,” the company said.