Exxon Mobil withdraws from Russia deal due to sanctions
Source: Washington Post
MOSCOW U.S. oil company Exxon Mobil says it will withdraw from its joint venture with Russias state-controlled Rosneft due to U.S. and European sanctions against the country.
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The deal came under strain, however, after the U.S. sanctioned Russia in 2014 over the invasion of Ukraine and the Crimean Peninsula. The sanctions did not affect existing deals in the energy sector, but prohibited any business with Rosneft CEO Igor Sechin, an influential oligarch in Russia.
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As Americas top diplomat, Tillerson has insisted the sanctions will stay in place until Russia reverses course in Ukraine and gives back Crimea. Still, the Russian deal on his watch raises significant questions about his ability to credibly enforce the sanctions and to persuade European countries to keep doing so.
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The corporation expects it will formally initiate the withdrawal in 2018, at a cost of about $200 million, it said. Rosneft said in a statement that it will continue the independent development of these projects, and that it supports Exxon Mobils eventual return, should the law allow that.
Read more: https://www.washingtonpost.com/world/europe/exxon-mobil-withdraws-from-russia-deal-due-to-sanctions/2018/03/01/9e9e9eb8-1d50-11e8-98f5-ceecfa8741b6_story.html?utm_term=.7e9f56b1ab2e
rogue emissary
(3,148 posts)njhoneybadger
(3,910 posts)FakeNoose
(32,633 posts)Wellstone ruled
(34,661 posts)Tillertson got his ass burned by his Pal Vlad.
SunSeeker
(51,550 posts)onetexan
(13,036 posts)was worth it or not
SunSeeker
(51,550 posts)Thomas Hurt
(13,903 posts)TranssexualKaren
(364 posts)If he concludes he cant get the sanction lifted a consolation prize would be to throw chaos into our political system by releasing evidence of Trumps collusion.
Botany
(70,490 posts)And he is getting out now.
duforsure
(11,885 posts)And quit using their products after Tillerson and Russians got involved with trump. Tillerson is in too deep to escape without being exposed. Was he really Putins pick for his position?
Weed Man
(304 posts)A ruling favored the Ukraines against Gazprom. Russia will be under tremendous pressure to give up Crimea, and also to repay the 2.5 billion rubles owed to Ukraine.
Gazprom CEO needs to be stripped of his assets and thrown into the gulag.
Scalded Nun
(1,236 posts)Now for European sanctions...that is a different story.
BadGimp
(4,015 posts)Because this deal was a major reason Trump was "elected" by the big money folks.