U.S. oil major Exxon Mobil has no plans to resume operations in Russia, Chief Executive Darren Woods told the Financial Times in an interview on Thursday.
The company pulled out of Russia in 2022 after Western sanctions were imposed over Moscow’s invasion of Ukraine, writing off billions of dollars from its exit.
Exxon executives are in talks with Russian officials about recouping the $4.6 billion in assets expropriated by Moscow but not about investing in the country, the report said quoting Woods as saying.
The talks began in early 2023, shortly after the company filed an arbitration case against President Vladimir Putin’s government, the FT report said.
Exxon Mobil did not immediately respond to a Reuters request for comment.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shilpi Majumdar)