Exxon Mobil applies for a waiver to work in Russia

[Synobun]

Article

Exxon Mobil, the company once ran by Secretary of State Rex Tillerson, is seeking a waiver from U.S. sanctions on Russia, The Wall Street Journal reported Wednesday.

The U.S. oil and gas corporation has applied to the Treasury Department to be exempt in a bid to resume its joint venture with the Russia oil giant PAO Rosneft in the Black Sea, the Journal reported, citing people familiar with the matter.

The newspaper said Exxon has been seeking permission to work with Rosneft in areas banned by U.S. sanctions. The State Department is one of the agencies that have a say on the waiver, the Journal said.

The news came as the FBI investigates any possible connections between the Trump campaign and Russia after the 2016 U.S. presidential election.

Surely this is an innocent business decision.

Worth mentioning that the economic sanctions on Russia back during the Ukraine crisis involved blocking business relations between Exxon Mobil and Rosneft, a Russian oil company.

Rosneft sold 19.5% of its company to an unknown individual shortly after Trump's victory, Rex Tillerson (the former CEO of Exxon Mobil) is the current Secretary of State, and this waiver would allow Exxon Mobil to bypass the sanctions on Russia. There is over $500bn at stake.

 

[Timsup2nothin]

Totally coincidental. Move along. Nothing to see here.

 

[Silurian]

What is wrong with this US oil company being allowed to form JVs with Rosneft but not others. Sad.

 

[EgonSpengler]

Golly. Didn't see this coming.

 

[red_elk]

Some Americans impose sanctions, others trying to bypass them.
Corporate and ideological interests at collision.

 

[metalhead]

You misspelled collusion.

The cynical take is that Rex Tillerson took the job at State so that he could shepherd this waiver through, maximize the value of Exxon stock in the limited amount of time he has to exercise his options, and then we can all frak right off.

Frankly I have no idea why else he agreed to take a job he doesn't have the background for, when he was doing just fine in his job at Exxon.

 

[EgonSpengler]

"Check it out, this newspaper says Exxon wants an exemption on sanctions."