April 19 Exxon Mobil Corp has applied to
the Treasury Department for a waiver from U.S. sanctions on
Russia as the oil major looks to resume its joint venture with
Rosneft, the Wall Street Journal reported on
Exxon has been seeking permission from the United States to
drill with the Russian state-owned Rosneft in certain banned
areas and applied in recent months for a waiver to proceed in
the Black Sea, the newspaper reported, citing people familiar
with the matter. (on.wsj.com/2osAxzB)
The company wound down drilling in Russia's Arctic in 2014
in the face of U.S. sanctions targeting cooperation between
Western companies and Moscow's oil sector.
Exxon and Rosneft in 2012 unveiled an offshore exploration
partnership that could invest upward of $500 billion in
developing Russia's vast energy reserves in the Arctic and Black
Economic sanctions were imposed on Russia following its
annexation of the Crimea region in 2014 and its alleged role in
the conflict in eastern Ukraine.
Relations between Russia and the U.S. President Donald Trump
have dimmed in recent times. There has also been pressure from
Trump's fellow Republicans in Congress and European allies
anxious over any sign that the president might prematurely ease
sanctions imposed on Russia.
Rex Tillerson, Exxon's former chief executive, was named as
U.S. Secretary of State in February, despite concerns about his
ties to Russia.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj