Exxon Mobil Corp. applied to the Treasury Department for a waiver from sanctions on Russia in an effort to restart its joint venture with state oil company PAO Rosneft, according to the Wall Street Journal's Jay Solomon and Bradley Olson.
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Exxon Mobil asked the Treasury for a waiver from sanctions to work with Russia
Exxon asked the Treasury for a waiver from sanctions to work with Russia, according to the Wall Street Journal.
Rex Tillerson
The firm applied for a waiver to proceed in the Black Sea, according to people familiar with the matter.
Part of the sanctions leveled on Russia include the prohibition of technology transfers in Russian energy projects in the Arctic, Siberia, and the Black Sea. Sanctions also prohibit dealings with Rosneft CEO Igor Sechin.
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Notably, US Secretary of State Rex Tillerson is the former CEO of Exxon. He has close personal ties with Russia, has struck several major deals with Rosneft in the past, and received the Order of Friendship award from President Vladimir Putin in 2013.
One key casualty of the sanctions on Russia ended up being the Kara Sea inside the Arctic Circle (not to be confused with the Black Sea). Back in September 2014, Rosneft discovered oil there with Exxon, however, due to the sanctions, they could not continue the landmark joint exploration. This proved to be problematic for both parties: Rosneft does not have the technological ability to drill in cold offshore conditions by itself, while Russia was Exxon's second-biggest exploration area at the time.
Tillerson's close relationship with Russia and Putin has previously led to speculation that
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