Russian sanctions cost ExxonMobil $1bn

ExxonMobil and Rosneft JV Kara Sea

Russian sanctions cost ExxonMobil $1bn: Western sanctions and the subsequent curtailment of its joint offshore activities with Rosneft in Western Siberia has cost Exxon Mobil as much as $1bn, the US energy giant reported today. “In 2014, the EU and the US imposed sanctions relating to the Russian energy sector,” it said in a statement. ” In accordance with the sanctions, projects in the  Russian shelf of the Black Sea, the Arctic and Western Siberia were stopped. The maximum amount of loss from these joint ventures on December 31, 2014 was $1bn.”

Source: Gazeta