Exxon to quit Russian oil ventures frozen by US sanctions

International sanctions have impeded a historic drilling project, and Exxon Mobil is now exiting joint ventures with Russia's Rosneft.

Photo: /ritzau/AP/Matt Brown/Arkiv

Exxon Mobil Corp. said it is abandoning joint ventures with Russia's Rosneft PJSC after international sanctions against the nation's energy sector paralyzed a historic drilling project.

Exxon's decision to quit its biggest exploration region was made late last year as the US expanded its sanctions, the company said in a 10-k filing on Wednesday. "The corporation expects it will formally initiate the withdrawal in 2018," Exxon said.

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