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Ukraine war

Exxon to exit Russia, suspend further investments

Sakhalin Island project goes by wayside as West abandons Putin

"Given the current situation, Exxon Mobil will not invest in new developments in Russia," the oil major says in a statement. Photo of the Yastreb (Hawk) land rig at Sakhalin-1's Chaivo field.   © Reuters

HOUSTON (Reuters) -- Exxon Mobil on Tuesday said it would exit Russia oil and gas operations that it has valued at more than $4 billion and halt new investment as a result of Moscow's invasion of Ukraine.

The decision will see Exxon pull out of managing large oil and gas production facilities on Sakhalin Island in Russia's Far East, and puts the fate of a proposed multi-billion dollar liquefied natural gas (LNG) facility there in doubt.

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