Exxon Mobil CEO Darren Woods says that the oil giant has no plans to return to Russia. However, the company is negotiating with Russian officials over the recovery of $4.6 billion in expropriated assets, the Financial Times reports. 

Russian officials continue to claim that Exxon “may be allowed” to return to the country amid the Alaska peace summit, at which “normalization and deepening of economic ties” between Russia and the US were discussed.

Exxon Mobil trapped in “Sakhalin-1”

Exxon Mobil exited the Sakhalin-1 oil project in March 2022, following Russia’s all-out war on Ukraine.

Despite wanting to reclaim its assets, Russian authorities denied the request. In October 2022, President Vladimir Putin signed a decree ordering the forced seizure of Exxon’s stake, transferring it to the Russian company Rosneft through its subsidiary.

Exxon was forced to write off assets worth over $4.6 billion, having effectively lost control of its stake in the project and being unable to operate or extract value from it.

Ahead of the meeting with Trump, Putin signed a decree that potentially allows foreign investors, including Exxon Mobil, to reclaim their shares in the project.

Negotiations focus only on losses

However, according to CEO Darren Woods, Exxon has no intention of returning to Russia.

“We don’t have any plans to re-enter Russia. This was really around settlement discussions around the arbitration associated with the expropriation of our assets in 2022,” Exxon’s top executive said.

He added that Exxon executives are negotiating with Russian officials about recovering the $4.6 billion in expropriated assets, but not about investing in the country.

Russian officials continue to say that Exxon “may be allowed” to return, amid the Alaska peace summit, which discussed the normalization and deepening of economic ties between the US and Russia.

On Wednesday, Russian Deputy Foreign Minister Sergey Ryabkov stated that negotiations between investment envoy Kirill Dmitriev and US officials “continue regarding cooperation in energy deals, including Sakhalin-1.”