ExxonMobil fined $2m for violating Russia sanctions
US oil corporation ExxonMobil has been fined $2m by authorities in the country for the violation of sanctions handed out to Russia during Rex Tillerson’s time as CEO.
Dow Jones I.A.
43,444.99
04:30 15/10/20
Exxon Mobil Corp.
$119.31
11:10 15/11/24
Sanctions were imposed on the Kremlin following its annexation of Crimea in 2014 and the ongoing conflict with Ukraine, with several Russian businesses and individuals placed on a blacklist.
Exxon’s dealings with Igor Sechin, the president of oil giant Rosneft, came under scrutiny ahead of the fine handed out by the US Treasury.
Tillerson was appointed as Donald Trump’s secretary of state at a time when connections between the Kremlin and his administration were under scrutiny, and remain to be today.
“Exxon Mobil demonstrated reckless disregard for U.S. sanctions requirements,” the Treasury said in a report announcing the penalty.
“Exxon Mobil caused significant harm to the Ukraine-related sanctions program.”
The oil giant has vehemently denied the penalty, and vowed to sue the US Treasury over the decision.
It slammed the fine as ‘unlawful’ and ‘capricious’, despite the fact the $2m penalty handed down is a relatively minor one in terms of the size of Exxon’s balance sheet.