Inflows to energy ETFs have persisted despite significant geopolitical risk created Russia’s invasion of Ukraine and subsequent sanctions against Russia by Western nations. On Thursday Russian officials warned that companies leaving the country due to the Western sanctions will not be invited back soon and warned that energy companies that departed will be quickly replaced by rival firms.

Dow component Exxon Mobil (NYSE: XOM), the largest U.S. oil company and XLE’s largest holding at 15.7% of the ETF, is due to commence a major Arctic drilling project with OAO Rosneft in the coming years. Royal Dutch Shell (NYSE: RDS-A) and BP (NYSE: BP) Thursday reaffirmed their commitment to Russian projects.

Exxon, Shell and BP combine for 26.7% of IXC’s weight. Italy’s Eni (NYSE: E) and Norway’s Statoil (NYSE: STO) are among the other western oil majors with Russia exposure. Those stocks combine for over 3% of IXC, according to iShares data.

Energy Select Sector SPDR

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