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Exxon to end Russia joint ventures

Exxon to end Russia joint ventures
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Exxon Mobil Corp. is exiting some of its joint ventures with Russia’s state-owned oil company, citing sanctions first imposed in 2014.

Exxon had originally tried to fight the sanctions, which were imposed in retaliation for Russia’s annexation of Crimea, internationally recognized as part of Ukraine.

The United States’s largest oil company reached the deals with Rosneft starting in 2012 under the leadership of former Exxon chief Rex TillersonRex Wayne TillersonBiden's is not a leaky ship of state — not yet With salami-slicing and swarming tactics, China's aggression continues Lawmakers to roll out legislation reorganizing State cyber office MORE, who is now secretary of State under President TrumpDonald TrumpRomney blasts end of filibuster, expansion of SCOTUS McConnell, GOP slam Biden's executive order on SCOTUS US raises concerns about Iran's seriousness in nuclear talks MORE.

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But it told investors late Wednesday that its position had changed.

One joint project off the eastern coast of Russia will not be affected by the exit, spokesmen for both companies told Reuters.

Rosneft spokesman Mikhail Leontyev further told Reuters that Exxon “will suffer serious losses as a result of this.”

Rosneft plans to continue with the affected projects by itself.