Exxon Escalates Dispute With Russia Over Barred Exit From Giant Oil Project

by | Aug 30, 2022 | Business

Exxon Mobil Corp. has notified Russian officials it will sue the federal government unless Moscow allows the company to exit a major oil-and-gas project, according to people familiar with the matter.A Kremlin decree banning certain transactions through the end of the year has blocked Exxon since early August from transferring operatorship and selling its 30% stake in the Sakhalin-1 venture in Russia’s Far East. Before the decree, Exxon had said in regulatory filings that it was transitioning operating activities to another party following Russia’s invasion of Ukraine.

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