Exxon Says Russia Talks Focused on Expropriated Sakhalin-1 Asset

(Bloomberg) -- Exxon Mobil Corp.’s talks with Russia are focused on reclaiming losses incurred by the country’s 2022 expropriation of its Sakhalin-1 oil venture, Chief Executive Officer Darren Woods said in an interview. 

The talks began during the Biden administration and have since continued under President Donald Trump, Woods said. 

“We immediately filed for arbitration to recover our losses from that expropriation,” he said. “The Biden administration supported, and actually encouraged, us to begin settlement discussions as part of that arbitration filing. Later, the Trump administration supported that.”

Exxon, along with most Western corporations, exited Russia three years ago after the country invaded Ukraine. The company’s intent is to recoup losses from the exit, Woods said. 

“Our objective there is to try to resolve the issues that have resulted from that expropriation and the losses that we suffered,” he said. 

©2025 Bloomberg L.P.