Russian President Vladimir Putin has signed a decree allowing foreign investors, including Exxon Mobil, to regain shares in the Sakhalin-1 project after the 2022 seizure.

The decree signed by Putin paves the way for foreign investors, in particular Exxon Mobil, to return to the Sakhalin-1 oil project, although the conditions are strict. Shareholders must support the lifting of Western sanctions and sign contracts for needed equipment. Exxon, which lost $4.6 billion on its exit from Russia, faces high hurdles under international sanctions. The previous decree established a new operating structure under Rosneft, while other investors such as ONGC and SODECO were allowed to keep their stakes.