ExxonMobil’s move follows a decision by British energy group BP and Shell to pull out of joint projects in Russia.
France’s TotalEnergies said it would stay in Russia, but refrain from investing more money there.
ExxonMobil stressed that “the process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely”.
Sakhalin-1 was the group’s only major project in Russia after it pulled out of two joint ventures during the previous round of sanctions against Russia following its annexation of Crimea in 2014.
According to a recent website post, ExxonMobil has offices in Moscow and St Petersburg with some 1,000 employees there.