• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 11 mins California is the second biggest consumer of oil in the U.S. after Texas.
  • 4 hours Permafrost Melting Will Cost Us $70 Trillion
  • 11 hours At Kim-Putin Summit: Theater For Two
  • 1 min Let's just get rid of the Jones Act once and for all
  • 11 hours NAFTA, a view from Mexico: 'Don't Shoot Yourself In The Foot'
  • 18 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 19 hours How many drilling sites are left in the Permian?
  • 19 hours Nothing Better than Li-Ion on the Horizon
  • 22 hours New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 8 hours "Undeniable" Shale Slowdown?
  • 3 hours Liberal Heads Explode as U.S. Senate Confirms Oil Lobbyist David Bernhardt as Interior Secretary
  • 19 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 11 hours Gas Flaring
Alt Text

Has Trump Given Up On Keeping Oil Prices Low?

While Trump’s decision not to…

Alt Text

Permian Oil Now Selling At A Discount

As the Permian continues to…

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

Trending Discussions

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

Trending Discussions


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