ExxonMobil will cease operations at the Sakhalin-1 project located in eastern Russia, one of that nation's biggest oil and gas fields operated by foreign entities. The US oil supermajor will also cease investing in Russia, reports the Financial Times.

The decision is consistent with others made by BP, Shell and Equinor. However, TotalEnergies has decided to remain in Russia while ceasing to provide capital for new projects.

"ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," the oil giant writes in a press release.

ExxonMobil operates Sakhalin-1 on behalf of an international consortium consisting of Japanese and Indian companies as well as Rosneft, which is owned by the Russian state. This Monday, BP announced that it would offload shareholding of 19.75 percent in Rosneft in a move that could end up costing the company USD 25bn.

According to FT, it's unclear how much of a loss ExxonMobil will face as a result of the decision, but at the end of 2021, the company's long-term assets in Russia had a value of around USD 4bn.

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