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US Treasury rejects Exxon Mobil request to drill in Russia

AP  |  Washington 

The Trump administration has denied a request from Exxon Mobil to waive US sanctions against and allow it to resume drilling around the Black Sea.

Treasury Secretary Steven Mnuchin says in a brief statement that the administration "will not be issuing waivers to US companies, including Exxon, authorizing drilling prohibited by current Russian sanctions."


The decision comes just two days after it was reported that Exxon was seeking a waiver to resume a joint venture with Rosneft, a Russian state-owned company.

The request presented an unusual potential for conflicts of interest, given that Secretary of State Rex Tillerson was Exxon's CEO immediately before taking the Cabinet position. He lobbied against the sanctions after they were imposed in 2014, in response to Russia's annexation of Crimea.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, April 22 2017. 00:48 IST
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