- Penalty imposed against Exxon related to contracts with Russian oil company Rosneft
- Rosneft is not a prohibited party but its President is
- OFAC alleges that "senior-most" Exxon management were involved
- Exxon responds with suit against OFAC
On July 20, 2017, the U.S. Treasury Department Office of Foreign Assets Control (OFAC) announced that ExxonMobil (Exxon) must pay a $2 million penalty for violating U.S. sanctions on Russia. On the same day, Exxon responded by suing OFAC.
There is a lot to this story, including a political angle given that current U.S. Secretary of State Rex Tillerson was the boss of Exxon at the time of the violations. We will get to that, but we first want to focus on the potential implications of this action for U.S. companies.
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