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Exxon fined $2 mln for violating Russia sanctions while Rex Tillerson was CEO

The Department of Treasury has issued a fine on Exxon Mobil to the tune of $2 million.

Exxon fined $2 mln for violating Russia sanctions while Rex Tillerson was CEO


The US Department of Treasury has issued on July 20, 2017, a fine on Exxon Mobil to the tune of $2 million for violating Russia sanctions while Secretary of State RexTillerson was CEO.

According to the U.S. Treasury’s Office of Foreign Assets Control (OFAC), Exxon Mobil in 2014 signed 8 legal documents related to oil and gas projects in Russia with the «blacklisted» Igor Sechin, CEO of Rosneft, after the U.S. sanctioned Russia for its incursion into Crimea.

In a statement Thursday, Exxon called the fine «fundamentally unfair»and noted it had followed the «clear guidance» from the White House and Treasury Department at the time, adding Rosneft was not covered by the sanctions, and Sechin was part of the deal in his official capacity as the company’s CEO.

The company also said that in 2014 a Treasury Department representative had said, in the words of Exxon, «BP’s American CEO was permitted to participate in Rosneft board meetings with Sechin so long as the activity related to Rosneft’s business and not Sechin’s personal business.»

But the Treasury Department said «ExxonMobil demonstrated reckless disregard for» the sanctions. It also said the company’s «senior-most executives knew of Sechin's status» and that the company «caused significant harm to the Ukraine-related sanctions» by engaging in the business agreement with Sechin. It doesn’t say whether Rex Tillerson played any role in the business deal or had any involvement, however.

The $2 million fine is unlikely to have any real impact on Exxon Mobil’s bottom line.

It beat Wall Street’s expectations in the 1st quarter with profits of $4 bln, or 95 cents per share; analysts had expected the company to earn 85 cents per share for the quarter.

To read the detailed report, which was published Thursday evening by Exxon Mobil.

Source : Neftegaz.RU


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