Equinor exits all Russian joint ventures

Equinor said May 25 that it has exited all joint ventures in Russia.

Equinor, along with other Western energy companies, are exiting the Russian market as a result of sanctions introduced against Russia's invasion of Ukraine.

"Equinor has now transferred its participating interests in four Russian joint ventures to Rosneft and is released from all future commitments and obligations. An agreement to exit the Kharyaga project has also been signed," it said in a statement.

Equinor announced plans to exit its Russian projects Feb. 28, four days after Russia launched the invasion.

Since then, the company said it has halted all new investments in Russia, stopped trading oil and gas products from the country, and announced an impairment of $1.08 billion on its balance sheet as of March 31.

Its exit from all joint ventures was completed in accordance with Norwegian and EU sanctions legislations related to Russia, Equinor said.