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Rosneft ExxonMobil Russia US
Jason Corcoran
Moscow
27 April 2018
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Rosneft: bruised but not beaten

The loss of a valuable US partner has shaken Rosneft, but it's sticking to its expansion plans and global investment strategy

Rosneft is on the backfoot after US sanctions on Russia forced ExxonMobil to abandon their joint venture in Siberia, while a deal to sell a stake to a Chinese investor may have hit the rocks after an arrest. Shares in Russia's oil champion tanked by as much as 5% in the three days after 28 February when Exxon announced that it was abandoning drilling ventures with Rosneft because of expanded US sanctions. That body blow was followed a day later by news that CEFC China Energy chairman Ye Jianming was being investigated for suspected financial crimes. The case jeopardises the Chinese group's $9bn acquisition of a 14% stake in Rosneft. While the CEFC deal may still be completed, the Exxon withd

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