ExxonMobil said on Friday it will wind down drilling in Russia’s Arctic in the face of U.S. sanctions targeting Western cooperation with Moscow’s oil sector, after the Obama administration granted a brief extension to safely mothball its operations.
Washington extended sanctions on Russia last week over its aggression in Ukraine. The new measures seek to stop billions of dollars worth of cooperation between Western and Russian energy companies on oil drilling in Russia’s Arctic, in Siberia and offshore. Companies have until Sept. 26 to stop the work.
The U.S. Treasury Department gave Exxon a short extension to wind down a rig, beyond …read more
Source: Voice of America
