U.S. authorities deny ExxonMobil cooperation with Rosneft in circumvention of sanctions

The U.S. Treasury announced that it would not make an exception for ExxonMobil, which asked for a temporary lifting of sanctions that prohibit the implementation of joint projects with Russian corporation Rosneft.

"In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon, to authorize drilling prohibited by current Russian sanctions," Voice of America quoted Treasury Secretary Steve Mnuchin as saying.

Oil giant ExxonMobil appealed this week to the administration of Donald Trump with a request for an exemption from sanctions against Russia, allowing the company to resume drilling in the Black Sea region with a Russian partner.

The deal with Rosneft was concluded five years ago by current U.S. Secretary of State Rex Tillerson as a result of direct negotiations with Russian officials, including President Vladimir Putin. The U.S. oil company also expressed its readiness to participate in the exploration of shale oil in Western Siberia and deep-water deposits in the Black Sea. Rosneft and Exxon then began drilling in the Kara Sea in the Arctic, but work was suspended after former President Barack Obama imposed sanctions against Russia in 2014 in connection with the annexation of the Crimea.

According to Exxon estimates in 2015, potential losses due to the refusal to implement a joint project with Rosneft could amount to $1 billion.

  US, ExxonMobil, Russia, Rosneft, Trump