ExxonMobil Takes Legal Action After Putin Blocks Its Exit From Russia

Contact Your Elected Officials
The Epoch Times Header

The Texas-based fossil fuel company ExxonMobil has taken preliminary steps to sue the Russian Federation after Russian President Vladimir Putin intervened to block the corporationโ€™s exit from his country.

The Wall Street Journal reported on Aug. 30 that Exxon issued a notice of difference to the Russian government earlier this week, following a presidential decree issued by Putin that would prevent the company from exiting the Sakhalin-1 project, a large-scale project that has been drilling oil from off the Pacific coast of Sakhalin, a Russian-controlled island in the Japanese archipelago, since 2005.

The Sakhalin-1 project, of which ExxonMobil is the principal operator, produced more than 200,000 barrels of crude oil daily last year, and the project includes the worldโ€™s longest oil well, the Z-44 Chayvo Well. Despite the lucrative yields and high sunk costs of the Sakhalin-1 project, the companyโ€™s continued involvement withย Russiaย constitutes a challenge for the companyโ€™s public relations in the West, as well as a humanitarian concern for the fossil fuel giant.

โ€œExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russiaโ€™s military action that violates the territorial integrity of Ukraine and endangers its people,โ€ ExxonMobil said in a statement.

โ€œIn response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture. โ€ฆย Given the current situation, ExxonMobil will not invest in new developments in Russia.โ€

However, the efficacy of the lawsuit remains an open question to some analysts observing the situation. Geopolitical consultant Matthew Easton expresses skepticism about the effectiveness of ExxonMobilโ€™s ultimatum, arguing that the lawsuit would only be efficacious under conditions that ExxonMobil had no incentive not to operate within Russia.

Byย Nicholas Dolinger

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Roger Stone Says Treason Indictments Are Coming

Biden, Brennan, Comey, Rice, Rosenstein, Mueller, Weissman, McCabe, Samantha Powers and others I think are looking at serious criminal indictments.โ€

โ€˜He Didnโ€™t Care That I Was a Malcom X Scholarโ€™

The rise of delusional social justice ideology is the result of impressionable youth being influenced by overpaid professors and administrators.

5 Family-friendly History Movies

Family-friendly history movies you can enjoy with your kidsโ€”perfect for homeschool projects or a fun way to learn together as a family.

The hard truth of pretual social change

History shows us a progression of dominant social structures, each one born from innovation and is eventually replaced by another.

British Court: Migrants Officially Supplant Natives in โ€˜Hierarchy of Rightsโ€™

So-called โ€œasylum seekersโ€ (economic migrants) enjoy superior rights to British people in Britain as defined by the European Convention on Human Rights.

California City to Repeal Homeless Housing Ban After State Sues

Norwalk, CA will repeal its homeless shelter ban and contribute $250K to new affordable housing, resolving a state lawsuit.

Vice President Vanceโ€™s Mother Shares Her Drug Addiction Story to Inspire Recovering โ€˜Out Loudโ€™

Beverly Aikins, whose struggle with drugs was chronicled in Vanceโ€™s memoir, โ€˜Hillbilly Elegy,โ€™ travels the country speaking at addiction recovery events.

CBS Changes Policy for โ€˜Face the Nationโ€™ Interviews After Kristi Noem Interview

CBS News will stop editing guest interviews on โ€œFace the Nation,โ€ shifting to live or live-to-tape after backlash over its Kristi Noem interview.

ICE Changes Deportation Location for Kilmar Abrego Garcia to Eswatini

ICE informed Kilmar Abrego Garciaโ€™s lawyers that Eswatini will replace Uganda as the deportation country for the El Salvadoran.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trumpโ€™s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.

Trump Sends Warning to Venezuela After US Military Strikes Boat Allegedly Carrying Drugs

President Trump sent a warning to Venezuela after the U.S. military struck what the administration says was a boat carrying drugs in the Caribbean.
spot_img

Related Articles