July 9, 2020, 16:51

Russia Reportedly Holds Talks With Exxon on New Projects Amid Sanctions Threat

Russia Reportedly Holds Talks With Exxon on New Projects Amid Sanctions Threat

The company was forced to abandon most of its joint ventures in Russia following the introduction of US sanctions against Moscow and failure to obtain a waiver from the US Treasury. Right now, Exxon has only one project on Sakhalin, Russia, which has been untouched by sanctions so far.

ExxonMobil is holding negotiations with Russia over possibility of new joint ventures in the sphere of gas, refining and chemicals, Bloomberg reported, citing anonymous Russian officials. Moscow has come up with several offers for Exxon that are not subject to existing sanctions, the anonymous sources added.

Possible future cooperation could take place via PJSC Rosneft, Bloomberg noted. However, both Exxon and Rosneft declined to comment on the news.

The news comes hot on the heels of US Special Representative for Ukraine Kurt Volker’s statements that the Trump administration would impose sanctions on Russia “every month or two” over its alleged meddling in the 2016 US presidential elections, as well as over the Skripal poisoning and its alleged involvement in the Ukrainian conflict.

READ MORE: US Exxon Mobil Announces Cut in Natural Gas Flaring to Fight Climate Change

Previously, Exxon Mobil was forced out of its joint projects with Rosneft in the Russian Arctic by the US sanctions. Despite its efforts, Exxon failed to get a waiver from the US Treasury to avoid the sanctions. According to Exxon, the damage incurred from the lost Arctic projects was valued at $200 billion.

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