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Exxon to challenge OFAC over Russia sanctions

Jaclyn Jaeger | July 24, 2017

The Treasury Department’s Office of Foreign Assets Control has slapped ExxonMobil with a $2 million civil penalty for violating Ukraine-related sanctions regulations, an action that Exxon is legally challenging.

First, a bit of background: In March 2014, the President issued Executive Order 13661, “Blocking Property of Additional Persons Contributing to the Situation in Ukraine” and granted the Secretary of the Treasury authority to designate officials of the Russian government. E.O. 13661 expressly prohibits U.S. persons from receiving any contribution or provision of funds, goods, or services from the designated person.  In April 2014, OFAC designated Igor Sechin, chief executive officer of state-run Rosneft OAO, to E.O. 13661 and added him to its List of Specially Designated Nationals and Blocked Persons (SDN List).

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