Exxon dodged a fine for a joint business with Sechin

Exxon Mobil Corp. challenged and canceled a $ 2 million fine imposed by the US Treasury for failure to comply with sanctions against Russia in a Dallas court.
03.01.2020
Vedomosti
Origin source
This was reported by Bloomberg with reference to District Judge Jane Ball, who ruled on the case.

According to the judge, Exxon was not duly notified that the contracts with Rosneft would violate the sanctions imposed against Russia because of the Crimea. The court canceled the fine as unlawful.

A fine of $ 2 million was imposed by the US Treasury. His Office for Foreign Asset Control (OFAC) found that the contracts Exxon had entered into with Rosneft violated the sanctions restrictions on the executive director of the Russian oil company, Igor Sechin.

Sechin came under US sanctions from April 28, 2014, eight agreements with Rosneft were concluded from May 14 to May 23, 2014. OFAC notified Exxon of the violation of the sanctions regime in July 2014, and in July 2017 was fined.

Exxon defended in court the position of unlawful punishment for doing business with Rosneft. The latter was not under sanctions, but the contracts that were concluded with her were signed by Sechin, against whom sanctions were imposed. The company called this interpretation of sanctions “arbitrary,” and Barack Obama’s decree on imposing sanctions violates the law on administrative procedure.

“ExxonMobil recognizes the court’s decision, which confirms that we have complied with the applicable sanction,” the Exxon statement quoted by Bloomberg said.

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