Exxon signs initial agreement with Rosneft to chart possible path to recoup Russian losses, sources say

US OIL MAJOR Exxon Mobil and Russian state-run energy giant Rosneft have signed a nonbinding initial agreement to help Exxon recoup a $4.6-billion write-down it made on its activities in Russia in 2022 following Moscow's invasion of Ukraine, according to two sources familiar with the talks.

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The agreement marks a tentative step toward repairing commercial relations between the two countries, although little further progress is likely until Moscow makes enough advances toward a peace deal in Ukraine and both the United States and the European Union relax sanctions on Russia.

Exxon spokesperson Terry Wade declined to comment.

Asked to comment last week on the talks, Rosneft told Reuters it had not signed a cooperation agreement to work with Exxon in Russia. In a followup inquiry, Reuters asked Rosneft whether it has signed a nonbinding initial agreement with Exxon to help the US oil major recoup money on its Russian operation. Rosneft did not respond.