The Trump administration has denied ExxonMobil permission to bypass sanctions to drill for oil in Russia.
“The Treasury Department will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling prohibited by current Russian sanctions,” Treasury Secretary Steven Mnuchin, said in a statement Friday. Mnuchin said he consulted with President Trump on the decision.
Exxon had applied for a waiver from sanctions imposed by the Obama administration in a bid to resume its lucrative joint venture with Russian state oil giant PAO Rosneft.
In a statement, Exxon said “we understand” the decision by the Treasury Department. Exxon explained that its application for a license was aimed at meeting the company’s “contractual obligations” in Russia, where competitors are allowed to drill under European sanctions.
There are powerful reasons why Exxon would want to get back into business with Rosneft: Their agreement to form a joint venture, signed …
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