U.S. Treasury: No Russia waiver for Exxon

Oil behemoth ExxonMobil will not get a permission from the U.S. to drill in the Russian part of the Black Sea.

To remind, some parts of Russia have been off limits for the U.S. oil companies due to the economic sanctions against Russia.

Last week, media reported that Exxon was seeking a waiver which would allow it to drill in the Black Sea.

While Exxon has remained mum on whether or not it asked for the waiver in the first place, the U.S. Treasury has put a stop to speculation.

Namely, the U.S. Department of The Treasury issued a brief statement on Friday, saying: “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.”

To remind, the U.S. has imposed sanctions against Russia, over its annexation of Crimea, located in southeastern Ukraine bordering the Black
Sea.

The sanctions, imposed in 2014, prohibit the U.S. companies to export of goods, services, or technology in support of exploration or production for Russian deepwater, Arctic offshore, or shale projects that have the potential to produce oil.

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