The U.S. will not make an exception for American companies, including oil major ExxonMobil Corp. (NYSE: XOM), seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on April 21.
“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.
ExxonMobil 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 U.S. and EU imposed economic sanctions on Russia over its annexation of the Crimea region in 2014 and role in the conflict in eastern Ukraine.
Texas-based ExxonMobil, the world’s largest publicly traded oil producer, wound down drilling in Russia’s Arctic in 2014 after those sanctions were imposed. ExxonMobil was allowed to finish some drilling projects as the sanctions took effect.
Recommended Reading
Occidental Reports ‘Great Progress’ on Net-zero Pathway, DAC
2024-02-21 - Most of Occidental Petroleum’s planned $600 million investment in emerging low-carbon ventures for 2024 will go to direct air capture facility STRATOS, CEO Vicki Hollub says.
Red Trail Energy Issues Carbon Removal Credits
2024-03-06 - Red Trail Energy’s CO2 removal credits is the largest durable carbon removal project registered on the Puro Registry to date.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-31 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
1PointFive, AT&T Enter Carbon Removal Pact
2024-03-13 - 1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like direct air capture.
Trace Carbon Solutions Applies for First Phase of Class VI Wells at Evergreen Hub
2024-03-12 - Trace is applying for its subsidiary Evergreen Sequestration Hub to be allowed to permanently sequester CO2 in underground geological formations in Louisiana.