The Russian branch of the World Wide Fund for Nature said Russia needs to suspend exploration and production efforts in the arctic because of low oil prices. At a press summit organized by the Russian Natural Resources Ministry, WWF Director Igor Chestin said it was time to halt ambitions in the Russian arctic . “We need to declare a 10-year moratorium on oil and gas exploration in the arctic,” he said. “At current oil prices, these projects are absolutely unprofitable.” U.S. energy company Exxon Mobil has a partnership with Russian oil company Rosneft for work in the arctic waters of Russia. With Western sanctions impeding developments, the Russian government has placed a greater emphasis on domestic exploitation of arctic reserves. Low crude oil prices […]