Conflict in Ukraine: ExxonMobil and Boeing act in relations with Russia
Written byTimes Magazine
Energy giants ExxonMobil and Boeing have joined a growing list of companies that must take action against Russia's invasion of Ukraine.
ExxonMobil has announced it is exiting a multi-billion dollar joint venture with Russia's state-owned Rosneft. It is the latest oil producer to cut business ties with the country after similar actions by BP, Shell and Equinor.
Meanwhile, the world's largest aircraft maker, Boeing, has announced it will cease operations in Russia. "We regret the actions of the Russian military, which violate the territorial integrity of Ukraine and threaten its people," Texas-based ExxonMobil said in a statement.
ExxonMobil currently operates and has interests in the Sakhalin oil and gas field, along with Rosneft and companies from Japan and India. He said he would now relinquish more than $4 billion (£3 billion) of Russian oil and gas deals and halt new investment in the country.
In the past year, ExxonMobil employed more than 1,000 people across the country, with offices in Moscow, St. Petersburg, Yekaterinburg and South Sakhalin, according to its website.
The announcement came as Brent crude, the international benchmark for oil prices, hit its highest level in more than seven years at $110 a barrel. On Monday, rival energy giant BP said it would relinquish its 19.75 percent stake in Rosneft following "Russian acts of aggression in Ukraine."
On the same day, Shell announced that it would close all joint ventures with Russian energy company Gazprom. This includes exiting the flagship Sakhalin II facility, which is partly owned and operated by Gazprom. Norwegian oil producer Equinor has also announced that it will start getting rid of its Russian joint venture.
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