Exxon to exit oil ventures with Russia’s Rosneft due to sanctions

Andrey Rudakov | Bloomberg via Getty Images

An illuminated Rosneft oil company logo sits on the roof of an OAO Rosneft gas station near the Ostankino TV tower displaying the colors of the Russian national flag in Moscow, Russia, on Tuesday, Dec. 2, 2014.

Exxon Mobil said on Wednesday it will pull out of exploration and research joint ventures with Rosneft due to U.S. and European Union sanctions against Russia.

Exxon, the world’s largest publicly traded oil producer, said the exit will result in an after-tax loss of $200 million.