Putin bans oil companies, banks from exiting Russia

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International companies have been pulling out of Russia on the concern of being seen as supporting the Russian economy during the war in Ukraine

President Vladimir Putin tightened his control over two key sectors of the Russian economy with a decree that bans some foreign banks and energy companies, including Exxon Mobil Corp., from exiting their businesses in the country. Picture: BLOOMBERG

The decree also orders the nation’s government to prepare a list of other energy companies and banks with foreign shareholders that may be subject to the same restrictions. Citigroup said last month that it’s considering a “full range of possibilities” on leaving Russia. Raiffeisen has said that exiting the country is one of its options.Exxon operated the Sakhalin-1 field, which was regarded in Russia as an engineering marvel when it first started pumping in 2005. The project produced about 227,000 barrels a day last year, using two ice breakers to maintain exports even when the sea freezes over in winter.

 

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Russia should nationalised their assets

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