Exxon to pull out of Russia JVs: report

MOSCOW, March 1, 2018 – ExxonMobil will quit some joint ventures with Russia’s Rosneft under pressure from US and EU sanctions, international media reported on Thursday.


“[ExxonMobil] will suffer serious losses as a result of this [decision],” a Rosneft spokesman told Reuters.

ExxonMobil has in the past opposed sanctions imposed on Rosneft after Russia’s 2014 takeover of Crimea from Ukraine, but was fined USD 2 million by the US Department of Treasury in July 2017 over its involvement with the Russian oil giant.

In another snag for Rosneft, the chairman of China’s CEFC China Energy, which in September 2017 struck a deal to buy a 14.16% interest in Rosneft for USD 9.1 billion, has come under investigation in China for suspected financial crimes, a separate Reuters report claimed on Thursday.

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