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Ben Geman Mar 1
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Behind Exxon's decision to bail on Russia plans

Exxon sign
Photo: David McNew / Getty Images

ExxonMobil disclosed in a filing yesterday that it's abandoning joint ventures with Russian state oil giant Rosneft to drill in Arctic waters, Siberia and the Black Sea as a result of U.S. and European Union sanctions against the Russian firm.

  • Exxon said the decision led to an after-tax loss of $200 million.

Why it matters: "The move is an about-face for Exxon, which had opposed the sanctions over Russia’s invasion of Crimea and argued they unfairly penalized U.S. companies while allowing foreign energy rivals to operate in the country, the world’s largest oil producer," Reuters notes.