Russian President Vladimir Putin on Friday signed a decree that creates a new operator for the Exxon Mobil Corp-led Sakhalin-1 oil and gas project in Russia's Far East.
Putin's move affecting Exxon's largest investment in Russia mimics a strategy he used to seize control of other energy properties in the country.
Friday's decree gives the Russian government authority to decide whether foreign shareholders can retain stakes in the project. Exxon holds a 30% operator stake in Sakhalin-1, with Russian company Rosneft, India's ONGC Videsh and Japan's SODECO as partners.