• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 17 minutes Shale Oil Fiasco
  • 30 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 15 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 11 mins Phase One trade deal, for China it is all about technology war
  • 8 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 2 hours Might be Time for NG Producers to Find New Career
  • 12 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 15 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 10 hours Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 14 hours Wind Turbine Blades Not Recyclable
  • 14 hours Denmark gets 47% of its electricity from wind in 2019
  • 1 day Beijing Must Face Reality That Taiwan is Independent
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

U.S. Fines Exxon For Violating Russia Sanctions Under Tillerson

The U.S. Department of the Treasury said on Thursday that it is imposing a US$2-million civil monetary penalty against ExxonMobil and some of its subsidiaries for having breached Ukraine-related sanctions on Russia in May 2014.  

“Between on or about May 14, 2014 and on or about May 23, 2014, ExxonMobil violated § 589.201 of the Ukraine-Related Sanctions Regulations when the presidents of its U.S. subsidiaries dealt in services of an individual whose property and interests in property were blocked, namely, by signing eight legal documents related to oil and gas projects in Russia with Igor Sechin, the President of Rosneft OAO, and an individual identified on OFAC’s List of Specially Designated Nationals and Blocked Persons,” the U.S. Department of Treasury said in its statement today.

The Treasury’s Office of Foreign Assets Control (OFAC) “determined that ExxonMobil did not voluntarily self-disclose the violations to OFAC, and that the violations constitute an egregious case,” the statement reads.    

In its full web notice about the fine it is imposing to Exxon, the Treasury said that OFAC considered as aggravating factors, among others, that “ExxonMobil demonstrated reckless disregard for U.S. sanctions requirements when it failed to consider warning signs associated with dealing in the blocked services of an SDN” and that “ExxonMobil’s senior-most executives knew of Sechin’s status as an SDN when they dealt in the blocked services of Sechin”.

In May 2014, Exxon’s chief executive was Rex Tillerson, now U.S. Secretary of State. Related: “Dirty, Difficult, And Dangerous”: Why Millennials Won’t Work In Oil

Exxon, for its part, published a statement, following the Treasury’s announcement of the fine, and in it the oil and gas supermajor said:

“ExxonMobil followed the clear guidance from the White House and Treasury Department when its representatives signed documents involving ongoing oil and gas activities in Russia with Rosneft – a non-blocked entity -- that were countersigned on behalf of Rosneft by CEO Igor Sechin in his official representative capacity.”

“Based on the Enforcement Information published today, OFAC is trying to retroactively enforce a new interpretation of an executive order that is inconsistent with the explicit and unambiguous guidance from the White House and Treasury issued before the relevant conduct and still publicly available today. OFAC’s action is fundamentally unfair,” Exxon said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment
  • jack ma on July 20 2017 said:
    2 million - lol.

    Tillerson spends more than that on just one a dinner party. XOM is a oil business and they will work with Russia to gain access to oil. One dinner party or two, or three or four. Oil is the business. Russia is NOT USING THE DOLLAR so sanctions do no good. It a stage brother, and sister. Warmest and kindest regards. The world reserve is lost by way of greed and the Central Banks are doomed. Putin is hero that ironically will restore the USA from it's own criminal tyrannical government. Please let me express my first amendment to free speech and please do post this. Who owns this site and maybe you are not a corporate puppet too? Yes, No, Maybe?
  • Timothy Smith on July 20 2017 said:
    I saw that Exxon is planning to sue the U.S. Government to stop the penalty.

    Who do you think will come out on top?

    Timothy Smith, SFO
    Petro Lucrum, Inc.
    Single Family Office
  • dy888 on October 23 2017 said:
    Rotten bureacrats. The federal government's horde of worthless bureaucrats needs to be cut by 30%. They produce nothing for the US economy.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play