Exxon and Rosneft Eye Reconciliation Amidst Sanctions

Exxon Mobil and Rosneft have signed a non-binding agreement to aid in recouping Exxon's $4.6 billion write-down from Russian operations following the Ukraine invasion. While peace talks remain stalled, future cooperation hinges on relaxed sanctions and progress towards peace. The deal sets the foundation for potential financial recovery.

U.S. oil major Exxon Mobil and Russian energy giant Rosneft have entered into a non-binding agreement in a bid to recover Exxon's $4.6 billion loss from operations in Russia in the wake of the Ukrainian conflict.

This tentative accord marks an initial move toward mending business relations between the two nations, contingent upon advancements towards a peace settlement in Ukraine and the easing of sanctions.

While peace negotiations have stalled, discussions between Exxon and Rosneft continue, potentially paving the way for Exxon to recoup its financial setbacks from 2022.

(With inputs from agencies.)