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You are here News Energy Treasury fines ExxonMobil $2 million for violating Russia sanctions while Tillerson was CEO

Treasury fines ExxonMobil $2 million for violating Russia sanctions while Tillerson was CEO

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Treasury fines Exxon Mobil for violating Russia sanctionsThe Treasury Department said Thursday it is fining Exxon Mobil Corp. $2 million for violating sanctions related to Russia in 2014, when Secretary of State Rex Tillerson was CEO of the company.

In May of that year, the presidents of Exxon Mobil's U.S. subsidiaries signed eight legal documents related to oil and gas projects in Russia with Igor Sechin, head of Russian oil giant Rosneft, the Treasury said. Sechin had personally been sanctioned by Treasury's Office of Foreign Assets Control following Russia's incursion into Ukraine.

The fine is a pittance for Exxon Mobil, which reported $4 billion in earnings for the first quarter of this year. But the optics of one U.S. government department fining the former company of the head of another department are awkward.

Tillerson has long spoken against the sanctions on Russia, arguing at an Exxon shareholder meeting the same month as the alleged violations that “we don’t find them to be effective unless they are very well implemented comprehensively, and that’s a very hard thing to do.”

Just last month, he argued against toughening sanctions on Russia.

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