Russia Signs Out-of-court Settlement with Exxon on Sakhalin-1

Russia and U.S. oil major Exxonmobil have signed an out-of-court settlement agreement regarding a legal dispute over the Sakhalin-1 oil and gas project, Russia's finance ministry said in a statement on Thursday.

"The sides have reached a mutually beneficial compromise," the ministry said, adding that the agreement was signed on Sept. 12.

Russian President Vladimir Putin said on Sept. 7 that the dispute had been resolved.