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| Exxon pulling out of joint oil projects with Rosneft due to anti-Russia sanctions | Exxon pulling out of joint oil projects with Rosneft due to anti-Russia sanctions |
| (35 minutes later) | |
| American oil giant Exxon Mobil Corp has announced its withdrawal from exploration and research projects with Russia’s Rosneft. The move, linked to Western powers' anti-Russia sanctions, will cost Exxon some $200 million in losses. | American oil giant Exxon Mobil Corp has announced its withdrawal from exploration and research projects with Russia’s Rosneft. The move, linked to Western powers' anti-Russia sanctions, will cost Exxon some $200 million in losses. |
| US Secretary of State Rex Tillerson, ExxonMobil’s former CEO, resigned from the company after being appointed by Trump to lead US foreign policy. Tillerson’s nomination at the time drew criticism from both parties due to his supposedly close ties to Russian leadership. | US Secretary of State Rex Tillerson, ExxonMobil’s former CEO, resigned from the company after being appointed by Trump to lead US foreign policy. Tillerson’s nomination at the time drew criticism from both parties due to his supposedly close ties to Russian leadership. |
| Tillerson was awarded the Order of Friendship by Russian President Vladimir Putin in 2013 for his contribution to advancing cooperation between the two countries in the field of energy. | Tillerson was awarded the Order of Friendship by Russian President Vladimir Putin in 2013 for his contribution to advancing cooperation between the two countries in the field of energy. |
| The news of the Exxon’s exit from the joint ventures with Rosneft was first reported by Reuters on Wednesday. Exxon estimates that ending the collaboration will cost them some $200 million in after-tax losses. | |
| Last July, the world’s largest oil company was fined $2 million by the US Treasury Department for signing eight deals with the Russian oil giant, which the US government said were in violation of anti-Russia sanctions that were imposed in the wake of the Ukrainian conflict, which Washington and the EU blamed on Russia. All the deals were made in May 2014, when Tillerson was still the company’s CEO. | |
| Exxon insisted the company had not violated any sanctions, as it followed the policy of former President Barack Obama's administration when the deals were sealed and Rosneft was not subject to any sanctions at the time they were signed. The company argued that the Treasury Department retroactively changed the rules and they intended to contest the penalty in court. | |
| While Rosneft’s CEO Igor Sechin was included on the list of sanctioned persons days before the deals were signed, Exxon argued that the Obama administration implied the sanctions would apply to him and his personal assets “individually." | |
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