General – Equinor/Russia
Norwegian energy major Equinor ASA said Monday it has decided to stop new investments into Russia and to start the process of exiting from its Russian joint ventures following Moscow’s attack on Ukraine.
“We are all deeply troubled by the invasion of Ukraine,” Chief Executive Anders Opedal said.
“In the current situation, we regard our position as untenable. We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures.”
Equinor has been in Russia for over 30 years and entered into a cooperation agreement with Russian government-controlled oil company Rosneft Oil Co. in 2012.
Equinor’s decision follows British energy giant BP PLC’s announcement Sunday that it will exit from its nearly 20% stake in Rosneft.