According to the newspaper, US oil giant ExxonMobil The Wall Street Journal is discussing the possible renewal of its participation in the Sakhalin-1 project in the Russian Far East. The company withdrew from the consortium shortly after the start of the Russian invasion of Ukraine in 2022, when it announced the end of all activities in the country.
The Wall Street Journal reports that Exxon's management has approached the US government to ask for support in the event of a return. The newspaper said the company is aware of the sensitivity of the matter and is seeking political and legal backing in case it decides to reenter the Russian market. A return would be subject to the approval of both governments - Washington and Moscow - and could be seen as part of a wider diplomatic framework seeking a peaceful resolution to the Ukrainian conflict.
Agency Reuters recalled that Exxon wrote off billions of dollars of investment in 2022 after the Kremlin blocked the company's efforts to sell its stake in Sakhalin-1. At the time, Moscow effectively transferred control of the project to domestic entities, depriving the company of direct influence and profits. The move was one of the biggest losses for Western energy companies as a result of sanctions and withdrawal from the Russian market.
According to Bloomberg The Russian government has recently indicated that it could allow foreign partners to return to strategic projects under certain conditions. However, the condition would be that the companies provide, for example, access to technology or support in easing the sanctions regime.
From an economic point of view, Exxon's return would be twofold. Symbolically, it would be the first major step by a Western firm back into the Russian market, which could indicate a cooling of the confrontation. Practically, however, it would be a high-risk move, fraught with legal and reputational problems. Investors and analysts therefore warn that Exxon will make its decision very cautiously and that it is currently more about probing options than a concrete plan.
gnews.cz - GH
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