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Exxon Mobil says it plans to abandon its last remaining Russian project.

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Exxon Mobil says it plans to abandon its last remaining Russian project.

HOUSTON – Exxon Mobil said Tuesday it would end its involvement in a major oil and natural gas project in Russia, becoming the latest Western oil company to announce that it would be leaving the country after Russia invaded Ukraine. Is.

Exxon is developing three oil and gas fields near the eastern Russian island of Sakhalin in partnership with state-controlled energy company Rosneft and one each from Japan and India. Exxon operates the farms and owns 30 percent of the project, which generates about 2 percent of the company’s global output.

The Texas-based company has operated in Russia for a quarter century, but resumed operations there after Russia invaded and annexed Crimea, a part of Ukraine, in 2014, triggering Western sanctions.

BP and Shell on Sunday and Monday announced plans to sell their huge Russian investments. France’s TotalEnergies said on Tuesday that it will not invest more money in Russia, but intends to maintain its current operations and investments in the country.

The decisions of Exxon, BP and Shell marked the end of an era that began with the mass entry of Western companies into Russia at the end of the Cold War. Businesses once hoped that the country, which has some of the world’s largest reserves of oil, natural gas and other commodities, would become a promising emerging market. But President Vladimir V. Putin’s autocratic policies and his invasion of Ukraine have made Russia an untouchable for the international business community.

Among major international oil companies, Norway’s Equinor still produces a relatively modest 30,000 barrels of oil a day in Russia and said on Monday it planned to quit as well. Some other companies have stakes in oil and gas pipelines.

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“Exxon Mobil supports the people of Ukraine as they seek to defend their freedoms and decide their own future,” the company said in a statement. “In response to recent events, we are beginning the process of winding up operations and taking steps to exit the Sakhalin-1 enterprise.”

The company said it would not make any new investments in Russia, although it would not leave the country immediately.

“As the operator of Sakhalin-1, we have an obligation to ensure the safety of people, the protection of the environment and the integrity of operations,” the company said. “Our role as operator goes beyond an equity investment. The process of closing operations will need to be carefully managed and coordinated closely with co-entrepreneurs to ensure it is executed safely could.”

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