Russian President Vladimir Putin has signed a decree, published on Friday, to set up a new operator for the Sakhalin-1 oil and gas project, following similar steps to seize other oil and gas projects with foreign participation.
Exxon Mobil, with a 30% stake, was the operator of Sakhalin-1, a development in Russia’s Far East. The largest U.S. producer has been trying to exit Russia operations since March, days after Moscow’s invasion of Ukraine.