Exxon to exit Russia, suspend further investments over Ukraine invasion

Exxon Mobil will exit its Russian operations, including oil production fields, it said Tuesday, becoming the latest major Western energy company to quit the oil-rich country following Moscow’s invasion of Ukraine.

The decision includes operations at a large oil and gas production project on Sakhalin Island in Russia’s Far East. British BP PLC, Shell and Norway’s Equinor ASA have previously disclosed plans to abandon Russia operations. “Given the current situation, Exxon Mobil will not invest in new developments in Russia,” the company said in a statement.

Exxon did not provide a timetable for the exit, nor comment on any potential asset writedowns.