Exxon Mobil, Rosneft Begin Drilling In Russia's Arctic

Exxon Mobil Corporation (XOM) began drilling in the Russian Arctic on August 9, in collaboration with the Russian oil giant, Rosneft Oil Co (RNFTF), despite sanctions placed on Russia by the US and the EU over the Ukraine crisis. The joint project by the two oil companies was welcomed by President Putin of Russia, who called the venture a model of "cooperation."