Behind Exxon's decision to bail on Russia plans

• Yes, but: "With its investments already frozen by the sanctions, it was not clear what current activities, if any, Exxon’s move affected," The New York Times reports.
• The move to scuttle joint ventures formed several years ago does not end Exxon's longstanding Sakhalin project off Russia's east coast, according to multiple reports.

One level deeper: Samuel Lussac, an analyst with Wood Mackenzie, said in a short note Thursday that the move is no surprise at a time of rising sanctions pressure. But it's a blow to Rosneft.

• "Rosneft loses a partner of choice, which could have brought financing and expertise for the development of the next wave of Russian oil supply," Lussac writes.