Picture this: After a mass exit of Western companies following Moscow’s deployment of troops to Ukraine in February 2022, the rumor mill is buzzing—ExxonMobil might be heading back. And as Kremlin spokesman Dmitry Peskov told RBC radio, “Believe me, there is more than one corporation that is interested in re-establishing its presence on the Russian market.” 🤯
Insiders report that ExxonMobil and the Russian state-run energy company Rosneft have a non-binding initial agreement to help Exxon recover a $4.6 billion writedown from its 2022 operations. Exxon declined to comment. It’s a tentative step toward repairing commercial relations between the U.S. and Russia, though most agree real progress hinges on Moscow making significant strides toward a peace deal in Ukraine and both the U.S. and the European Union easing their sanctions.
Adding drama, U.S. President Donald Trump’s tone on Russia seemed to harden in comments made this week, reminding markets that politics can shift fast.
Meanwhile, President Vladimir Putin has made it clear that Russia wants these players back. Last month, he signed a decree that could allow foreign investors, including ExxonMobil, to reclaim shares in the Sakhalin-1 oil and gas project. 🎥✨ It’s an open invite to businesses that left under what he called political pressure.
Whether this corporate comeback turns into a blockbuster sequel or fizzles out like a canceled series remains to be seen. Keep your eyes peeled—this story is far from over! 👀
Reference(s):
Kremlin: Exxon not alone as others also keen to return to Russia
cgtn.com
