rss icon Subscribe
desktop mobile

US Will Not Issue Drilling Waivers to Russia Sanctions

Posted by Eric Haun

The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on Friday.
"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.
Exxon spokesman Alan Jeffers had no immediate comment on the statement. The company this week declined to comment on a Wall Street Journal report that it is seeking permission from the U.S. government to drill in several areas of the Black Sea banned by U.S. sanctions on Russia.
The United States and European Union imposed economic sanctions on Russia over its annexation of the Crimea region in 2014 and role in the conflict in eastern Ukraine.
Texas-based Exxon, the world's largest publicly traded oil producer, wound down drilling in Russia's Arctic in 2014 after those sanctions were imposed. Exxon was allowed to finish some drilling projects as the sanctions took effect.


(Reporting by Yeganeh Torbati and Ernest Scheyder; Editing by Andrew Hay and Alistair Bell)

Apr 21, 2017

 

Energy

EnQuest Sticks to Annual Target as Oil Production Falls

North Sea-focused oil producer EnQuest said its production fell 11 percent year on year in the first four months of the year due to the natural decline of its fields but it

Baltic Index Falls to Lowest Since Early March

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk

U.S. Freight Recovery Spurs Diesel Demand

File Image: CREDIT AEP

U.S. freight movements have started increasing again, which should help boost consumption of

Government Update

MARAD Funding Available for Small Shipyards

© Bogdan Vasilescu / Adobe Stock

The U.S. Maritime Administration (MARAD) has made available nearly $10 million in grant funding

U.S. Warship Challenges Beijing in South China Sea

The USS Dewey underway in the South China Sea (CREDIT: PO3 Kryzentia Weiermann)

A U.S. Navy warship sailed within 12 nautical miles of an artificial island built up by China in

Oil Falls as OPEC Mulls Extended Output Cuts

File Image: U.S. shale operations continue to impact global crude pricing despite OPEC efforts to curb production. (CREDIT: AdobeStock / (c) Shamtor)

Delegate says OPEC decides to extend output cuts for 9 months, but rising U.S. output threatens to

Maritime Apps