Exxon Mobil Eyeing Return to Russian Market Amid Shifting Tides

Exxon Mobil, once among several Western companies to exit Russia following its Ukraine invasion, is exploring a return. A tentative agreement with Rosneft suggests a potential rekindling of U.S.-Russia commercial ties, though further progress hinges on geopolitical resolutions and eased sanctions.

Exxon Mobil is expressing interest in reestablishing its presence in Russia, according to Kremlin spokesman Dmitry Peskov. He noted that the U.S. energy company's interest is mirrored by several other corporations keen on re-entering the Russian market.

Earlier commitments to exit Russia came in 2022, aligned with Western sanctions prompted by Russia's military actions in Ukraine. However, two insiders revealed that Exxon and Russian energy giant Rosneft have signed a preliminary agreement to allow Exxon to recover a $4.6 billion writedown.

This development marks a cautious step towards restoring U.S.-Russia business relations, which may advance further with diplomatic progress. A recent decree by President Vladimir Putin could permit foreign investors, including Exxon, to reclaim their stakes in Russia's Sakhalin-1 project.

(With inputs from agencies.)