EXXONMOBIL became the latest international oil company to walk away from Russian assets in a momentous week that saw several industry giants show their willingness to take on board huge impairments in severing all links with Moscow following Russia's invasion of Ukraine. The US supermajor confirmed late on Tuesday it was "beginning the process to discontinue operations and developing steps to exit the Sakhalin 1 venture", while also pledging to stop investing in new developments in Russia. ExxonMobil has a 30% interest in Sakhalin 1, which it operates off Sakhalin Island in Russia's far east through its subsidiary Exxon Neftegas. The other Sakhalin partners are Japanese consortium Sodeco, with 30%, and India's ONGC Videsh and Russia's Rosneft each with 20%.
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