ExxonMobil took a $3.4bn write-down related to the project in the first quarter and Shell took a $1.6bn charge. Selling their stakes is easier said than done. Why, then, stay in Sakhalin? For one thing, this avoids the pickle that the projects’ Western partners now find themselves in. Exports to Russia of high-performance machine tools, quantum computers, 3 d printers and other items have been blocked by Japanese sanctions.
Private-sector financial firms have cut links with their Russian counterparties.
In June the Japan Bank for International Co-operation, a state-owned lender, extended its freeze, introduced in March, on project financing of Russian natural-gas projects in the Arctic. In other instances the country’s position with respect to Russia has mirrored those of America and Europe.
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