ExxonMobil will cut ties with Russian oil company after sanctions

U.S. and European Union sanctions against Russia have led ExxonMobil to announce Wednesday that it will end "exploration and research joint ventures with Rosneft," an integrated oil company owned by Russia's government, Reuters reports.

Why it matters: The change will result in a $200 million after-tax loss and will end projects throughout Russia, the U.S. and other countries.