Exxon Mobil Denied Waiver to Drill Near Russia

Justin Holcomb
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Posted: Apr 21, 2017 3:00 PM
Exxon Mobil Denied Waiver to Drill Near Russia

President Donald Trump has authorized the denial of a request by Exxon Mobil Corp. to work with Russia’s state oil company on a joint drilling venture, according to The Hill.

After the United States imposed economic sanctions on Russian businesses, Exxon request that a waiver be approved to drill for oil near the Black Sea.

The decision may also coincide with Secretary of State Rex Tillerson's former position as CEO of Exxon. 

“In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling prohibited by current Russian sanctions,” Treasury Secretary Steven Mnuchin said in a statement on Friday.