A renewed rush on Russian soil: Kremlin spokesman Dmitry Peskov said ExxonMobil is not alone in eyeing a comeback. Other Western corporations are reportedly interested in re-establishing their presence.
After the February 2022 conflict triggered sanctions, many global energy majors, including Exxon, announced their departures. But recent unofficial talks hint at a thaw. In a non-binding agreement with Rosneft, ExxonMobil aims to recoup the 4.6 billion it wrote off in 2022.
Experts note that any real progress hinges on Moscow advancing toward a peace settlement in Ukraine and the U.S. and EU lifting or easing sanctions. Adding to the political dynamics, President Donald Trump hardened his rhetoric on Russia this week, raising questions about the timing of any sanction relief.
Meanwhile, President Vladimir Putin has openly invited companies back. A decree signed last month may allow foreign investors like ExxonMobil to reclaim shares in the Sakhalin-1 oil and gas project, signaling Russia's eagerness to rebuild links with global energy players.
As talks evolve, watch for how geopolitics, legal frameworks and market forces collide in this high-stakes bid to reboot international energy collaborations.
Reference(s):
Kremlin: Exxon not alone as others also keen to return to Russia
cgtn.com
