On July 20, 2017, the U.S. Treasury Department Office of Foreign Assets Control announced that ExxonMobil must pay a $2 million penalty for violating U.S. sanctions on Russia.
Russian Sanctions
U.S. Penalizes Exxon For Violating U.S. Sanctions On Russia, May Have Complicated How U.S. Companies Do Business In Russia
By THAD MCBRIDE, CHERYL PALMERI | BASS, BERRY & SIMS PLCSign up and get Breaking Energy news in your inbox.
We will never sell or share your information without your consent. See our privacy policy.Dodging Sanctions, French Oil Major Seeks to Fund Russian LNG Project with Yuan & Euros
By Tim DaissWestern economic sanctions against Russian oil and energy interests are steadily playing out, this time affecting French oil major Total S.A.’s ability to finance part of the $27 billion Yamal liquefied natural gas (LNG) project in the Russian Arctic. Reports broke toward the end of last week that Total will seek as much as $15… Keep reading →
Energy News Roundup: Methane Mitigation Industry Rises, Shell Suspends Russian Oil Project & OPEC Price War Percolates
By Jared AndersonThe need to reduce methane emissions from leaky valves, pipelines and compressor stations is giving rise to a new commercial industry made up of companies that specialize in methane emissions detection technology. “The industry has already seen an uptick in interest for its products and services, driven in part by the installation of oil and… Keep reading →
In an overt admission that western-led sanctions agasint Russia’s energy sector are impacting offshore resource development, the country’s top state-controlled oil & gas enterprises are pushing for legislative changes meant to entice western companies – and their technology – into the sector. The proposed subsoil legislation modifications would apparently allow foreign companies to take expanded… Keep reading →
Energy Quote of the Day: ‘Halliburton has Already Left the Market and Schlumberger is Likely to Follow’
By Jared AndersonAs US- and EU-led economic sanctions against Russian energy players crank up, the degree to which Western interests could be collaterally damaged is again being called into question. The EU has shied away from sanctioning Russian gas industry participants because the bloc is so reliant on Russian gas supply, but oil market pressure could also… Keep reading →
Energy News Roundup: EU Sanctions Russian Oil Firms, Analyzes Gas Situation and Oil Hits 14-month Lows
By Jared AndersonThe EU further ratcheted up sanctions against Russia’s oil sector targeting Gazpromneft, Transneft and Rosneft with measures that will prevent the firms from raising capital in EU member states. The economic restrictions again fall short of squeezing Russia’s natural gas industry upon which many European companies closely rely. [Wall Street Journal] European Energy Commissioner Günther… Keep reading →
Energy Quote of the Day: ‘Whatever Difficulties Arise this Winter, Gazprom is Helping you Prepare’
By Jared AndersonThis detailed, scenario-based analysis considers potential European natural gas supply outcomes this winter. Relations between Moscow and the West have deteriorated to arguably the lowest levels since the Cold War over Russia’s continued aggression in Ukraine. Increasingly strict economic sanctions have been initiated by western governments and intergovernmental organizations against strategic sectors of Russia’s economy… Keep reading →
Last week, the US and the EU hit Russia with a new sanctions regime in order to punish its continued meddling in destabilizing Eastern Ukraine. The economic restrictions are dubbed ‘Stage Three’ sanctions, indicating the increased level of severity meant to further ratchet up costs to the Russian economy. The sanctions now target Russian banking,… Keep reading →
Energy News Roundup: Putin to Cut European Gas? France’s $13.4 bn Clean Energy Plan & EPA Carbon Rule Challenge
By Jared AndersonMorgan Stanley analysts floated the idea that Russia’s President Putin could order state-controlled natural gas export monopoly Gazprom to cut supplies to European firms in retaliation for western-imposed economic sanctions. It appears the incremental damage such a move would cause to Russia’s economy makes using the “gas weapon” unlikely, but the Putin regime is not… Keep reading →
Energy News Roundup: Sanctions Target Russian Oil, PNG LNG at Full Capacity & 10 Hopeful Climate Trends
By Jared AndersonThe latest round of economic sanctions against Russia enacted by the US and European Union are designed to blunt Russia’s ability to tap western technology and expertise needed to develop complex oil deposits and shale resources. “The biggest edge that Western energy companies still have is their technological edge — that’s why these sanctions have… Keep reading →