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May 1, 2017

Treasury denies Exxon waiver from Russian sanctions

  • Government
  • Agency
  • Energy

POLITICO – The Trump administration said Friday that it would not grant a waiver from Russian sanctions to Exxon Mobil or any other energy companies.

The Treasury Department announcement follows reports that Exxon had been seeking such a waiver to drill in the Black Sea. It comes as the FBI and congressional intelligence committees investigate Russian hacking aimed at disrupting the last election and potential contact with members of President Donald Trump's campaign.

Exxon had a partnership with Russia’s state-owned Rosneft dating back to 2011 that started to yield oil just before the Obama administration set the sanctions in 2014 following Russia’s invasion of Ukraine. Former Exxon CEO Rex Tillerson now heads the State Department, but had promised to step aside from decisions involving his previous employer.

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