Exxon Mobil withdraws from Russia deal due to sanctions
Source: Washington Post
MOSCOW — U.S. oil company Exxon Mobil says it will withdraw from its joint venture with Russia’s state-controlled Rosneft due to U.S. and European sanctions against the country.
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The deal came under strain, however, after the U.S. sanctioned Russia in 2014 over the invasion of Ukraine and the Crimean Peninsula. The sanctions did not affect existing deals in the energy sector, but prohibited any business with Rosneft CEO Igor Sechin, an influential oligarch in Russia.
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As America’s top diplomat, Tillerson has insisted the sanctions will stay in place until Russia reverses course in Ukraine and gives back Crimea. Still, the Russian deal on his watch raises significant questions about his ability to credibly enforce the sanctions and to persuade European countries to keep doing so.
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“The corporation expects it will formally initiate the withdrawal in 2018,” at a cost of about $200 million, it said. Rosneft said in a statement that it “will continue the independent development of these projects,” and that it supports Exxon Mobil’s eventual return, should the law allow that.
Read more: https://www.washingtonpost.com/world/europe/exxon-mobil-withdraws-from-russia-deal-due-to-sanctions/2018/03/01/9e9e9eb8-1d50-11e8-98f5-ceecfa8741b6_story.html?utm_term=.7e9f56b1ab2e
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