With the outbreak of war in Ukraine and the far more sweeping sanctions that followed, ExxonMobil announced its withdrawal in March, just weeks after hostilities began, triggering a collapse in production from 220,000 b/d to just 10,000 b/d, grinding to a near halt within months. Signed on the very day of the Trump–Putin meeting, the amendment reads less like a technical adjustment and more like a political gesture — an overt signal to Washington that Russia is prepared to welcome US partners back into Arctic oil development if the broader climate allows. A thaw in US-Russia relations that could enable Exxon’s possible return to Sakhalin could open the door to reviving such ventures, which remain some of the most promising untapped hydrocarbon prospects in the world.
Author: Natalia Katona
Published at: 2025-08-18 23:00:00
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