ExxonMobil pledged Tuesday to end its role in a major Russian oil-and-gas project and cease new investments in the country due to its invasion of Ukraine.
Why it matters: ExxonMobil is among the world's most powerful oil companies and has longstanding investments and operations in Russia.
- The move, which follows divestment announcements by Shell and BP, signals how Western oil majors are cutting ties with Russia despite its massive hydrocarbon reserves.
Driving the news: Exxon has a 30% stake in the big Sakhalin oil-and-gas project in Russia's far east and operates the development. It's Exxon's only current project in Russia, a spokesperson said.
- The other partners in the venture are Russian state-controlled oil giant Rosneft as well as Indian and Japanese companies.
- ExxonMobil said it's "beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture."
- The company also said that "given the current situation, ExxonMobil will not invest in new developments in Russia."
What they're saying: "ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people," the company said.
