US oil giant vows to sue Russia – WSJ — Apsny News

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ExxonMobil has reportedly threatened legal action over blocked withdrawal from Sakhalin-1 energy project

ExxonMobil has threatened the Russian government with a lawsuit unless Moscow allows the company to exit the Sakhalin-1 oil and gas project, the Wall Street Journal reported on Tuesday, citing its sources.

The company reportedly said in a statement it has been trying to exit the Russian project in the country’s Far East since March but was recently prevented from doing so by a presidential decree.

Russian President Vladimir Putin signed a decree earlier this month preventing investors from so-called ‘unfriendly states’ from selling their shares in certain strategic enterprises, including the Sakhalin ventures.

In March, Exxon announced it would exit about $4 billion in assets and discontinue all its Russia operations, including the Sakhalin-1 project, due to Western sanctions.

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