Cold world: sanctions against Russia have raised questions on the future of expensive projects in the Kara Sea north of Siberia Cold world: sanctions against Russia have raised questions on the future of expensive projects in the Kara Sea north of Siberia ExxonMobil , the US oil company, is winding down its drilling campaign in the Russian Arctic , making it the biggest corporate casualty of sanctions announced by the US and EU this month, by putting its $700m project on indefinite hold. The company said on Friday that the US Treasury had granted it a short term licence “to enable the safe and responsible winding down of operations”, but said there would be no further extensions. More On this topic IN Oil & Gas It added that it would be bringing to an end all activities associated with the project, a joint venture with Russia’s Rosneft , “as […]