Signaling its support for the Ukrainian people, ExxonMobil announced its decision to stop its operations in Russia and that it will not invest in any more new projects there.

The company said that it will exit the operatorship of Sakhalin-1 project. “As operator of Sakhalin-1, we have an obligation to ensure the safety of people, protection of the environment and integrity of operations. Our role as operator goes beyond an equity investment. The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely,” ExxonMobil elaborated.

The company expressed in the statement its opposition to Russia’s aggression, affirming its compliance to all sanctions.