(MENAFN) US-based ExxonMobil said that the US and European Union imposed sanctions on Russia could cost the oil giant as much as USD1 billion, Oman Observer reported.
ExxonMobil wound down a number of illegal joint venture activities last year with Russian oil major Rosneft in the Black Sea, Arctic regions and onshore western Siberia, the firm said.
The US oil giant was forced to leave its joint venture with Rosneft for exploration drilling in the Kara Sea, off northern Siberia, an area estimated to hold around 87 billion barrels of oil.
However, ExxonMobil characterized the sharp drop in oil prices last year as typical of the energy market, which has "a history of significant price volatility", the company said in its annual report.
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