Norwegian oil and gas company Equinor will stop all new investments in Russia and begin to exit its joint ventures there, the company said in a statement Monday.
“We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world," said Anders Opedal, president and CEO of Equinor.
The company said it had $1.2 billion in long-term investments in Russia at the end of 2021. It has operated in Russia for more than 30 years and has a cooperation agreement with Russia's state-owned oil company Rosneft.
Why this matters: This is significant because the Norwegian government owns two-thirds of Equinor, according to the company's website. On Sunday, the Norwegian government also announced in a statement that it will ask its sovereign wealth fund to divest from Russia. The fund describes itself as one of the world’s largest, holding 1.5% of all shares in global listed companies.