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2025.09.24 15:34 GMT+8

Kremlin: Exxon not alone as others also keen to return to Russia

Updated 2025.09.24 17:34 GMT+8
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A pumpjack works at an oil field in Almetyevsk District of the Republic of Tatarstan, Russia, August 14, 2025. /VCG

Kremlin spokesman Dmitry Peskov, when asked about the possible return of ExxonMobil to Russia, said on Wednesday that the U.S. energy giant was not the only company interested in returning to Russia. "Believe me, there is more than one corporation that is interested in re-establishing its presence on the Russian market," Peskov told RBC radio.

Many Western companies, including Exxon, said they would withdraw from Russia shortly after Moscow sent its troops to Ukraine in February 2022. Sources reported on Tuesday that ExxonMobil and the Russian state-run energy company Rosneft had signed a non-binding initial agreement to help Exxon recover a $4.6 billion writedown it took on its Russian operations in 2022. Exxon declined to comment. The agreement represents a tentative step toward repairing commercial relations between the U.S. and Russia, though further progress is unlikely until Moscow makes significant strides toward a peace deal in Ukraine and both the U.S. and the European Union ease their sanctions. U.S. President Donald Trump's tone on Russia also seemed to harden in comments made on Tuesday.

President Vladimir Putin, meanwhile, has stated that Russia would welcome back companies that left the country due to what he called political pressure. Last month, he signed a decree that could allow foreign investors, including Exxon Mobil, to regain shares in the Sakhalin-1 oil and gas project.

(With input from Reuters)

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