The Biden administration’s widening sanctions against Russia have put US oil companies under pressure to exit the Russian market. This move comes as part of the administration’s efforts to reduce dependence on Russian energy and increase economic pressure on Moscow.
Several major US oil groups, including ExxonMobil and Chevron, have already announced plans to sell off or exit their Russian assets. These companies are facing significant financial and reputational risks due to the escalating sanctions.
The US government has imposed a range of measures to restrict American companies’ dealings with Russia, including a ban on new investment in the country’s energy sector. This move aims to reduce the flow of capital into Russia and limit its ability to diversify its economy.
As the situation in Ukraine continues to unfold, the US oil industry is likely to remain under pressure to divest from Russian assets. The industry is closely monitoring developments and will likely continue to adjust its operations accordingly.
The EU has also joined in on this move, with several European energy companies announcing plans to sell off or exit their Russian assets. This coordinated effort aims to increase the economic pressure on Russia and limit its influence in the region.
Source: https://www.ft.com/content/2daa512a-8eeb-43c1-9339-e1b641a073f3