Exxon to exit Russia

Getting out: A file picture showing the Exxon Mobil booth at an oil and gas conference. The producer, which holds a 30% stake in the Sakhalin-1 offshore oil venture in Russia’s Far East, will begin steps to discontinue operations and exit the project. — Reuters

NEW YORK: Exxon Mobil Corp flags it will join key rivals in exiting Russia as pressure grows on global energy giants to respond decisively to the invasion of Ukraine.

The producer, which holds a 30% stake in the Sakhalin-1 offshore oil venture in Russia’s Far East, will begin steps to discontinue operations and exit the project, Exxon said in a statement.