![]() ![]() That investment largely takes the form of a strategic partnership with Rosneft, in which it owns a 19.75% stake. On its website, BP proclaims itself “one of the biggest foreign investors in Russia.” The word “Russia” was not mentioned in its recent earnings call with analysts.ĮxxonMobil did not immediately respond to a request for comment. That represented less than 2% of its fossil fuel assets. It valued its Russian assets at $4 billion in its annual financial report released Wednesday. Russia isn’t as important to ExxonMobil as it used to be, however.ĮxxonMobil previously partnered with Rosneft to conduct exploration and research activities in Russia but withdrew from those joint ventures after sanctions imposed by the United States and Europe following Russia’s annexation of Crimea in 2014. Since its startup, Sakhalin-1 has generated more than $18.3 billion in payments to Russian federal and regional governments. ExxonMobil also has offices in Moscow and St. ![]() It has operated the project since 1995 on behalf of a consortium that includes Japanese and Indian partners, as well as two affiliates of Russia’s largest oil company, Rosneft.ĮNL employs more than 700 Russian nationals at five major sites and production locations. Its subsidiary, Exxon Neftegas Limited (ENL), has a 30% stake in Sakhalin-1 - a vast oil and natural gas project located off Sakhalin Island in the Russian Far East. The American oil giant has more than 1,000 employees in Russia, and has been in the country for over 25 years. (RDSA) are helping keep Russia’s oil-dependent economy afloat. The West is promising “massive” sanctions on Moscow in response to Russia’s invasion of Ukraine.įrench President Emmanuel Macron said Thursday that European sanctions would target Russia’s military, economy and energy, and Germany’s decision this week to halt certification of the Nord Stream 2 pipeline built by Russia’s Gazprom shows that the vast oil and gas sector isn’t off limits.īut any action that affects Russia’s energy interests will highlight the role played by some of the West’s biggest players, which have generated billions of dollars for the Russian state and are among the country’s leading foreign investors.
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