Exxon Coy About Waiver Request from Russian Sanctions

On Wednesday, the Exxon Mobil Corp. declined to comment on a media report stating that the company was seeking permission from the U.S. Government to drill in banned areas of the Black Sea.

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The area of the Black Sea in question is said to be restricted by U.S. sanctions on Russia. According to reports by the Wall Street Journal, Exxon recently applied to the U.S. Treasury Department for a waiver to drill with Russian oil producer Rosneft.

Exxon spokesman, Alan Jeffers, said the company does not comment on ongoing discussions with regulators. But, he admitted that Exxon has been allowed, by the U.S. Treasury, to maintain its joint ventures with Rosneft, regardless of the sanctions that are in place. Although Exxon is said to have stopped drilling in Russia's Arctic in 2014, after the sanctions were imposed.

On at least three occasions in 2015 and 2016, the oil giant was granted licenses allowing "limited administrative actions" in Russia, according to annual shareholder disclosures. Additionally, in 2012, Exxon and Rosneft unveiled a $500-billion offshore exploration partnership to develop Russia's energy reserves in the Arctic and Black seas.

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U.S. lawmakers are currently undertaking investigates that may expose possible ties between U.S. President Donald Trump's campaign aide's and Moscow. One such link was forged in 1998, when U.S. Secretary of State Rex Tillerson was named the director of Exxon’s Russian subsidiary, Exxon Neftegas, as detailed in a leaked 2016 Bahamian corporate registry document. Tillerson, who was also Exxon's chief executive, promised to recuse himself from all matters relating to Exxon.

The U.S. and EU has imposed numerous economic sanctions on Russia for its reintegration of Crimea and ongoing conflicts with Ukraine since the coup that toppled elected former President Victor Yanukovich.