Exxon Mobil Corp. (XOM) halted drilling on an offshore oil well intended as the first step in unlocking billions of barrels of crude in Russia ’s remote Arctic, according to people familiar with the project. Work stopped just a few days after the U.S. and European Union barred companies from helping Russia exploit Arctic, deep-water or shale- oil fields , said three people with knowledge of the rig’s operations who asked not to be named since they weren’t authorized to speak about the project. The U.S. sanctions, meant to punish Russia for escalating tensions in Ukraine, gave American companies until Sept. 26 to stop all restricted drilling and testing services. Exxon and Seadrill Ltd. (SDRL) ’s North Atlantic Drilling (NADL) unit are under the gun to finish or temporarily seal the $700 million well off Russia’s northern coast before the sanctions deadline, said Chris Kettenmann, chief energy strategist at […]