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ExxonMobil Joins Business Exodus from Russia after Secades of Close Ties

American oil and gas giant ExxonMobil is ending its decades-long involvement in Russia, exiting a major oil and gas project off Russia’s eastern coast and announcing it will not make new investments in the country, according to APM.

The move comes as the global business community increasingly is moving to isolate Moscow over the unprovoked invasion of Ukraine.

Energy giants are playing a conspicuous role in the trend as they respond to the ongoing invasion, the resulting sanctions, and mounting political pressure to distance themselves from the Russian government. Over the weekend, BP announced it was ending a partnership with Russian state-controlled oil giant Rosneft that’s valued at some $25 billion. The Norwegian company Equinor followed suit, as did Shell.

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