Exxon Fined for Russia Sanctions Violations Under Tillerson
As part of his confirmation as Secretary of State, Tillerson agreed to recuse himself from all matters directly related to Exxon for the first year of his tenure and to seek legal advice on whether to do so after that.
Tillerson also demonstrated an understanding of the complexities of the Ukraine sanctions during his confirmation hearing, telling senators that some of Exxon’s Russia holdings were not affected by the sanctions even though they were agreed to with Rosneft. He acknowledged the company “does contain individuals who are subject to the sanctions.”
The executive who signed the documents with Sechin was Neil Duffin, at the time president of Exxon’s development unit. He’s now president of the company’s production arm. Another executive, Stephen Greenlee, was present when the documents were signed. He is president of Exxon’s exploration unit, a position he held at the time.
Treasury’s fine is the maximum penalty for such violations, doled out after it said Exxon “demonstrated reckless disregard” and caused “significant harm” to the Ukraine sanctions program. The department said Exxon is a “sophisticated and experienced” company that should have considered warning signs in dealing with sanctioned individuals.
The company reported $7.84 billion last year, down from $32.52 billion in 2014, when the violation occurred.
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