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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.

  • 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.

Go deeper

Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

2 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.