“Given the current situation, ExxonMobil will not invest in new developments in Russia,” the company added. Exxon owns a 30 percent stake in the project, while Japan’s SODECO Consortium has a 30 percent interest and ONGC Videsh Limited, India’s Oil and Natural Gas Corporation, has 20 percent interest.
Background: Exxon is one of the largest foreign investors in Russian energy operations. It’s announcement follows Europe-based energy companies BP, Shell and Equinor who said earlier in the week that they would divest from their own operations in Russia.
The energy market has created a de facto embargo of Russian energy exports after nations imposed financial sanctions in response to President Vladimir Putin ordering an invasion of Ukraine. The Biden administration and European allies kicked the country off the SWIFT bank messaging system, sending the ruble into a tailspin and making energy traders wary of dealing in Russian crude oil and natural gas.