Exxon Says $2M Russia Sanctions Penalty Cannot Stand

By Keith Goldberg (August 26, 2019, 3:20 PM EDT) -- ExxonMobil urged a Texas federal judge Monday to invalidate the U.S. Department of Treasury's $2 million fine on the oil giant for allegedly violating Ukraine-related sanctions against Russia over an oil development deal, saying deal partner Rosneft wasn't subject to sanctions even though Rosneft's president was.

Exxon has fought the determination by Treasury's Office of Foreign Assets Control that the company violated sanctions regulations by signing Russian oil and gas project-related legal documents with Rosneft President Igor Sechin since the day OFAC levied the penalty in July 2017. In a summary judgment motion unsealed Monday, Exxon hewed closely to the argument...

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