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Exxon: One billion cost because of Sanctions against Russia

The U.S. oil major ExxonMobil lost big money after cooperation with Rosneft in the Arctic, Black Sea and Western Siberia was wound down last year. In 2014, the European Union and United States imposed sanctions related to Russian energy sector since Russian annexed Crimea from Ukraine in March and for supporting separatists in eastern Ukraine.

One of the most promising joint ventures between ExxonMobil and Rosneft is the Kara Sea drilling that started last August. The joint drilling was forced to shut down in October because of the sanctions. The Corporations’s maximum exposure to loss from these joint ventures as of December 31, 2014, is one billion USD (Source: Barents Observer).