ConocoPhillips, one of the pioneers of foreign investment in the Russian oil and gas industry, has completed a full retreat from the country by selling out of its Polar Lights joint venture with Rosneft. A spokesman for the US oil and gas producer confirmed it had sold its 50 per cent stake in the venture, which is focused on the far north-west of Russia. Rosneft, the Russian state oil company, also sold its stake in the asset last week, in a deal that valued the business at about $150m-$200m, according to one person familiar with the matter. Conoco’s decision to exit from Russia after more than 25 years highlights the challenges facing foreign investors in the country’s energy sector, which has been hit by recent political tensions and the tumble in oil prices. “In the past, the view was that hydrocarbons were scarce, Russia has a lot of them: we have to be there,” said Matthew Sagers, senior director of Russia & Caspian Energy at IHS. “Now, it’s very different: there are hydrocarbons in a lot of places — including Williston, North Dakota — so you don’t have to go off to these exotic places any more.”