Energy Sanctions Against Russia Could Freeze Exxon's Arctic Drilling

Neil Duffin (left), president of Exxon Mobil Development, and Igor Sechin, president of Rosneft, on an offshore drilling platform in July 2013 Photograph by Itar-Tass/Zuma Press

Reports from Bloomberg News and the Wall Street Journal indicate that the U.S. will announce further sanctions against Russia by targeting oil companies with joint projects in the Arctic. This spells particular trouble for ExxonMobil, which has a $500 billion joint venture with Russia’s oil giant Rosneft to drill for extreme oil in the Arctic.

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