Exxon cuts up to $500 billion in joint ventures with Russia in response to US-imposed sanctions

Thomson Reuters

• Exxon Mobil Corp said on Wednesday it will exit joint ventures with Russia’s Rosneft , citing US and European Union sanctions first imposed in 2014.
• The move is an about-face for Exxon, which had opposed the sanctions over Russia’s invasion of Crimea and argued they unfairly penalized US companies trying to work with Russia, the world’s largest oil producer.
• The United States and the European Union imposed economic sanctions on Russia over its annexation of the Crimea in 2014 and its role in eastern Ukraine conflicts.

HOUSTON (Reuters) – Exxon Mobil Corp said on Wednesday it will exit joint ventures with Russia’s Rosneft , citing U.S. and European Union sanctions first imposed in 2014.

The move is an about-face for Exxon, which had opposed the sanctions over Russia’s invasion of Crimea and argued they unfairly penalized U.S. companies while allowing foreign energy rivals to operate in the country, the world’s largest oil producer.

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