The U.S. Treasury Department has fined ExxonMobil Corp. $2 million for “egregious” violations of sanctions against Russia when now-Secretary of State Rex Tillerson was chief executive.
Exxon violated Ukraine-related sanctions by signing eight legal documents related to oil and gas projects in Russia with Igor Sechin, head of Rosneft OAO, who is on Treasury’s list of sanctioned Russian nationals. The violations occurred from about May 14-23, 2014, while Tillerson led the company.
Treasury’s Office of Foreign Assets Control found that Exxon “did not voluntarily self-disclose the violations,” which “constitute an egregious case,” according to the statement.
U.S. and European nations imposed sanctions to punish Vladimir Putin’s regime for its actions in Ukraine. Among those targeted was Rosneft’s Sechin. Measures from President Barack Obama’s administration included asset freezes and bans on travel to the U.S.
Russia is Exxon’s biggest oil exploration province worldwide.
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