ExxonMobil to stop Russian investments
Oil giant ExxonMobil announced Tuesday it will be ending current and future investments in Russia.
Specifically, it will cease operations at its Sakhalin-1 venture, which the company operates on behalf Japanese, Indian and Russian companies.
"As operator of Sakhalin-1, we have an obligation to ensure the safety of people, protection of the environment and integrity of operations. Our role as operator goes beyond an equity investment," the company said in a statement.
ExxonMobil said its stoppage of investments in Sakhalin-1 will "need to be carefully managed and closely coordinated with the co-venturers."
The company added that it wouldn't invest in future developments in Russia.