Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 10-day trial to continue exploring with full access.

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).

In a... To get the full story, subscribe now.