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Putin Bans Oil Companies, Banks From Exiting Nation to Year-End

  • Exxon and partners won’t be able to quit Sakhalin-1 oil field
  • Many international firms consider leaving Russia over invasion

President Vladimir Putin tightened his control over two key sectors of the Russian economy with a decree that bans some foreign banks and energy companies, including Exxon Mobil Corp., from exiting their businesses in the country. 

Exxon and other foreign shareholders in the Sakhalin-1 oil field won’t be allowed to dispose of their holdings until year-end as part of measures “to protect national interests,” according to a decree published on Russia’s legal database. The decree comes just days after Exxon said it was in talks to move its 30% stake in Sakhalin-1 to an unnamed entity.