On August 15, 2025, Russian President Vladimir Putin signed a decree that hypothetically allows foreign investors—including ExxonMobil—to regain stakes in the Sakhalin-1 oil and gas project

However, ExxonMobil’s return to the Sakhalin-1 project remains highly uncertain. The company had been forced out in 2022 when Russia seized its 30% operator stake after the invasion of Ukraine. The decree sets conditions: Exxon would need to help facilitate the lifting of Western sanctions, supply foreign-made equipment, and provide funding for the project. These requirements are politically and commercially difficult, given that U.S. and European sanctions against Russia remain in place and are unlikely to be eased in the near term.

The project is currently run by Rosneft’s subsidiary, while Indian and Japanese partners still hold their shares. ExxonMobil has not publicly responded to the decree and has so far shown no indication of a willingness to return. The legal framework provides a path back until January 1, 2026, but the geopolitical risks, sanctions environment, and reputational concerns make an actual return improbable without a major shift in international relations.