Exxon Takes Legal Action After Putin Blocks Final Russian Exit
- Oil giant has been trying to exit oil project since March
- Hugely complex project produced 227,000 barrels a day in 2021
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Exxon Mobil Corp. took the first step toward filing a lawsuit against Russia after Vladimir Putin blocked the oil major from exiting its only remaining operation in the country.
Exxon has been trying to exit the Sakhalin-1 project in the country’s Far East since March but was stalled by a presidential decree earlier this month. Russia’s state-owned Rosneft PJSC said the dispute could be resolved if Exxon resumes normal operations at the project.