ExxonMobil and Boeing Divesting From Russia Over Ukraine Crisis

Energy giant ExxonMobil and aviation group Boeing have joined the growing list of companies to take action over Russia's invasion of Ukraine. ExxonMobil said it will exit a multi-billion dollar joint venture with Russian state-owned company Rosneft.

It is the latest oil producer to cut business ties with the country, after similar moves by BP, Shell, and Equinor. Meanwhile, the world's biggest plane maker Boeing said it is suspending operations in Russia.

"We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," Texas-based ExxonMobil said in a statement. "We are deeply saddened by the loss of innocent lives and support the strong international response," it added.

Last year, ExxonMobil employed more than 1,000 people across the country, with offices in Moscow, St. Petersburg, Yekaterinburg, and Yuzhno-Sakhalinst, according to its website.

Russia is one of the world's biggest energy producers.

The announcement came as Brent crude - the international benchmark for oil prices - hit $110 a barrel, marking the highest level seen in more than seven years.


On Monday, rival energy giant BP said it would offload its 19.75% stake in Rosneft after Russia's "act of aggression in Ukraine".

On the same day, Shell announced that it would end all of its joint ventures with the Russian energy company Gazprom. This includes quitting the flagship Sakhalin II facility, which is partly owned and operated by Gazprom.

Norwegian oil producer Equinor also said it would start the process of divesting from its joint ventures in Russia.

SOURCE: BBC
IMAGE SOURCE: forbes.com