Norwegian energy group Equinor said on Monday it will start the process of divesting from its joint ventures in Russia amid Moscow's invasion of Ukraine, APA reports citing Reuters.
Equinor is the second major European oil and gas producer, after energy major BP, to announce its exit from Russia as Western countries ramp up efforts to punish Russia with new sanctions.
"In the current situation, we regard our position as untenable," Equinor Chief Executive Anders Opedal said in a statement. "We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures in a manner that is consistent with our values."
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