U.S. oil giant, ExxonMobil, says it will discontinue its current operations in Russia over the country’s invasion of Ukraine.
“We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people,” ExxonMobil said in a statement.
“We are deeply saddened by the loss of innocent lives and support the strong international response.
“ We are fully complying with all sanctions.
“ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation,” the statement stated.
The U.S. concern operates the Sakhalin-1 gas project on behalf of an international consortium of Japanese, Indian and Russian companies.
“In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture,” the statement added.
ExxonMobil has been in Russia for decades and holds 30 per cent of the Sakhalin-1 project.
The U.S. firm further said with the current situation, it will not invest in new developments in Russia.