Exxon fined $2M for violating Russian Federation sanctions when Tillerson was CEO

U.S. Secretary of State Rex Tillerson attends a joint news conference with Qatar's foreign minister Sheikh Mohammed bin Abdulrahman al Thani in Doha Qatar

Donald Trump's Treasury Department announced $2 million in penalties against ExxonMobil for violating sanctions related to Russian Federation in May of 2014.

OFAC says ExxonMobil violated sanctions against Russian officials in May 2014, by "signing eight legal documents related to oil and gas projects in Russia with Igor Sechin, the President of Rosneft", Russia's state-owned oil company.

The US Treasury Department said Exxon showed "reckless disregard" for rules.

The OFAC said Exxon's top executives knew Sechin was under sanctions, and the company demonstrated "reckless disregard" for the USA sanction program and hindered the US government in its efforts to punish Russian Federation for its actions in Crimea.

OFAC said it had considered and rejected Exxon's explanation that it had believed from press accounts of the sanctions that there was a distinction between Sechin acting in a "professional" rather than a "personal" capacity.

ExxonMobil had fully complied with guidance from Democratic former President Barack Obama's administration that ongoing oil and gas business activities with Rosneft were permitted, Exxon spokesman Alan Jeffers said in a statement.

The violations were "egregious" and "caused significant harm" to the objectives of the punishment on Russian Federation imposed by then-President Barack Obama, authorities said.

"The secretary continues to abide by his ethical commitments, including that recusal from Exxon-related commitments", said State Department spokeswoman Heather Nauert.

But, according to Treasury, "despite these prohibitions and ExxonMobil's global market and sophistication, ExxonMobil moved forward with signing the legal documents with designated person Igor Sechin between on or about May 14, 2014 and on or about May 23, 2014".

Exxon-which made almost $8 billion in profit past year and could perhaps afford better lawyers-called the action "fundamentally unfair".

In its statement explaining the fine, OFAC said that the Treasury representative's comments did not address ExxonMobil's conduct.

Publicly available guidance on Treasury's website at the time of Exxon's dealings with Sechin said Americans should ensure they do not enter into contracts signed by sanctioned individuals, OFAC said.

Exxon, in its lawsuit, noted that the former Obama administration had said the sanctions strategy was to target individuals like Sechin who were contributing to the Ukraine crisis — not the companies they might manage on Russia's behalf.

The fine is minor to ExxonMobil, which made $7.84 billion in profit in 2016. The company was allowed to finish drilling a well in the Russian Arctic in the fall of 2014 but could not produce oil.

Related News:

  • Roger Federer secures Semi Final spot to face Tomas Berdych

    Roger Federer secures Semi Final spot to face Tomas Berdych

    Federer has now reached 29 grand slam finals , winning 18, and he has carved his way through the draw without dropping a set. The second week of Wimbledon began with the ATP's Big Four in position for blockbuster meetings in the semifinals .
    D23 Gallery: Infinity War, Black Panther, Star Wars & More!

    D23 Gallery: Infinity War, Black Panther, Star Wars & More!

    The "Star Wars" land project is estimated to have cost Disney $1 billion. First up, some from the official Star Wars photographer. The presentation is scheduled for 3 p.m.
    Delta Air Lines, Inc

    Delta Air Lines, Inc

    Shares of the company are trading -0.48% downward from the 52-week high mark and 54.80% above from the fifty two-week low mark. Estimates: Earnings per share of $1.65, up 12%, with revenue up 4% to $10.82 billion, according to Zacks Investment Research .
  • Solar Storm May Spark Northern Lights Over BC This Weekend

    Solar Storm May Spark Northern Lights Over BC This Weekend

    Check out NOAA's Space Weather Prediction Center for more information online or follow them on Twitter . This one is expected to be a G2 level and possibly even a G3 level at times Sunday night.
    Lakers Rumors: Los Angeles Considering Adding PGs Rajon Rondo Or Tyler Ennis

    Lakers Rumors: Los Angeles Considering Adding PGs Rajon Rondo Or Tyler Ennis

    The other option is the Lakers who would like to have KCP on a big one-year deal, according to ESPN's Adrian Wojnarowski . Regardless, Caldwell-Pope would be an excellent addition both for scoring with the second unit and also for his defense.
    Man Arrested in Pipe Bomb Blast at Oklahoma Air Force Recruiting Center

    Man Arrested in Pipe Bomb Blast at Oklahoma Air Force Recruiting Center

    They believe it may have been a pipe bomb . "That government vehicle looks lovely setting outside that office in tulsa". The FBI has not yet determined if the two criminal incidents at the respective recruiting centers are linked.
  • The agriculture industry urges caution on the NAFTA renegotiation

    The agriculture industry urges caution on the NAFTA renegotiation

    Schott said there were "no major surprises" and little controversy in the document released Monday. The US listed it's North American Free Trade Agreement goals Monday.
    Bengaluru: Prison witnesses protests soon after cop transfers

    Bengaluru: Prison witnesses protests soon after cop transfers

    She has now been shifted to the traffic department as the commissioner for Road Safety and Traffic, reported news agency ANI. Roopa was quoted by the NDTV as saying that she found out about her transfer to the traffic department from the media.
    Paige's Brother Worried She'll End Up Like Whitney Houston

    Paige's Brother Worried She'll End Up Like Whitney Houston

    "GFW is a privately-held company and will thoroughly investigate this incident and fully cooperate with law enforcement". We're told a police officer responded to the scene and spoke with Alberto - though he was not arrested.
  • Google redesigns mobile search app with personalised 'feed'

    Google redesigns mobile search app with personalised 'feed'

    Having users input this information could help Google further tailor search results and offer better information to advertisers. At the top of each card a header will identify the topics, allowing users to quickly search on the ones that are of interest.
    Redskins fall off Forbes Top 10 'most valuable' list

    Redskins fall off Forbes Top 10 'most valuable' list

    The Redskins come in at No. 11 this year, down from No. 8 last year, with what Forbes estimates is a value of $2.95 billion. According to Forbes , United are worth $1.5bn more than any other Premier League side.
    Over 14 million Verizon customers' data exposed

    Over 14 million Verizon customers' data exposed

    Verizon seems to be denying that Nice ystems didn't first obtain approval from the company for using its customers data this way. The exposed records included information such as names, addresses, phone numbers, and account verification PINs .


Most liked

Yankees add Frazier, Robertson, Kahnle to roster
In 33 ⅓ innings over 31 games with the White Sox this season, he has a 2.70 E.R.A. with a record of 4-2. The White Sox announced it was a done deal shortly after their game with the Los Angeles Dodgers ended.

Dante Fowler arrested Tuesday night
He was able to recover in time for the start of the 2016 season and finished the year with 32 combined tackles and 4.0 sacks. The man reportedly criticized Fowler's driving, and Fowler got out of his auto , hit the man, and stepped on his glasses .

The Nintendo Switch Online App Is Now Available to Download on Smartphones
However; it is not possible to use voice chat on two or more smart devices at the same time if they use the same Nintendo Account. Despite being a relatively new IP, Splatoon has rapidly become one of Nintendo's most popular franchises, particularly in Japan.

Xiaomi introduces Mi Max 2 @ Rs 16999
The smartphone has been launched in India in one configuration only - 4GB RAM and 64GB storage . It is also pretty clear from the picture that the phone will feature a metal unibody design.

Tekken 7 New DLC Guest Character Revealed; New Trailer Released
With a new trailer, Bandai Namco confirmed that Fatal Fury series' villain Geese Howard will be joining the Tekken 7 roster. Bandai Namco and Capcom recently partnered in a major initiative to ensure more Tekken x Street Fighter crossovers.

Senate Health Care Debate Delayed Due To McCain Surgery
With the health care vote on hold, McConnell plans to carry on with other business and nominations while McCain recuperates. Collins, a more moderate Republican said that she felt the Medicaid cuts were too deep.

Stressed Froome survives in yellow as Mollema wins stage
In last Sunday's Stage 9, Martin lost one minute and fifteen seconds on the leaders as a result of the crash. The stage win went to Bauke Mollema (Trek-Segafredo) after he went clear of his breakaway companions.

Maryam Mirzakhani, first woman to win mathematics' Fields Medal, dies at 40
Mirzakhani, 40, fought with cancer for four years and was hospitalized lately as the cancer has spread to her bone marrow . Professor Maryam Mirzakhani is the recipient of the 2014 Fields Medal, the top honor in mathematics.

Turkey could lift state of emergency 'in near future'
The applications were submitted, however, they did not allow the president of Turkey, they did not allow the ministers. All 34 were suspected users of ByLock, an encrypted messaging app the government says was used by Gulen's followers.

McIlroy fires F-Bomb en route to opening 74 at Scottish Open
He cut a frustrated figure on his back nine, chucking his club high into the air on his last hole after a weak approach. Open and last week's Irish Open - and the latest low point in an injury-affected 2017 for the four-time major victor .

US House Speaker Ryan - Trump's son should testify in Congress
President Donald Trump announced his nominee for Federal Bureau of Investigation director in a post on Twitter June 7. He was told the Russian government had information that could "incriminate" Clinton and her dealings with Russia.

Deadpool pays tribute to Wonder Woman's box office success
The Gal Gadot-film has yet to beat the Ryan Reynolds' film total gross ($783m), but is close with $744.7m to date. The report also suggests that Chris Pine will return as Steve Trevor even after his fate in the first film.

Search continues for four missing Philadelphia men, possible suspect in custody
He admitted it may take days before more information comes to light, though he said the leads are "incredibly hot and fruitful". And with time ticking away, authorities appear to be thinking the worst for four men gone missing since last week.

Trump offers condolences after Marines killed in plane crash
It was the worst Marine Corps aviation crash since January 2005, when a CH-53E crashed in Iraq, killing 30 Marines and one sailor. But Mike Barton, public affairs director at the Air Station says there were no Marines from Cherry Point on the aircraft.

Kite Realty Group Trust
On August 25 analysts at BTIG Research began coverage of KRG by announcing an initial rating of "Buy" and price target of $35.00. On average, equities analysts forecast that Kite Realty Group Trust will post ($0.05) EPS for the current fiscal year.