Austria’s OMV joins energy rivals in pulling back from Russia – Reuters

Austria’s OMV joins energy rivals in pulling back from Russia – Reuters

ZURICH, March 5 (Reuters) - Austria's OMV (OMVV.VI)on Saturday became the latest energy firmto pull back from Russia, saying it would take an anticipated 1.5-1.8 billion euro($1.6-$2.0 billion) hit as it seeks to distance itself from the country after its invasion of Ukraine.

"In light of the latest developments, OMV is re-evaluating its engagement in Russia. While Russia has been one of the core regions in OMV's Exploration & Production portfolio, the Executive Board has taken the decision not to pursue any future investments in Russia," it said in a statement.

The move follows announcements this week by other Western energy rivals. Shell(SHEL.L), BP and Exxon Mobil(XOM.N) said they plan to exit positions in oil-rich Russia following Moscow's invasion of Ukraine.