Treasury Dept. Denies Exxon Waiver To Resume Oil Drilling In Russia

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Treasury Secretary Steven Mnuchin on Friday afternoon announced that the Treasury Department would not grant ExxonMobil a waiver from U.S. sanctions to resume its drilling ventures in Russia.

“In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling prohibited by current Russian sanctions,” Mnuchin said in a statement.

The Wall Street Journal reported on Wednesday that Exxon had applied for a waiver to pick back up its joint venture with Rosneft, the Russian state-owned oil giant. Exxon initially applied for the waiver in July 2015, and the company restarted its push for approval in March of this year, according to the Wall Street Journal.

The company revived its effort to win approval for the waiver about a month after Rex Tillerson, the former CEO of Exxon, began his tenure as secretary of state.