Economics
U.S. Treasury Won’t Give Exxon a Waiver for Russian Drilling
- Paperwork was authorized earlier, but approvals stop there
- Mnuchin made decision after consultation with president
Treasury Won't Issue Waiver to Exxon on Russia
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Exxon Mobil Corp. won’t be allowed to bypass U.S. sanctions against Russia to resume drilling for oil in a joint venture that seeks to tap billions of barrels of that country’s crude.
Treasury Secretary Steven Mnuchin said the decision was made after consultation with President Donald Trump, according to a statement on Friday. Exxon initially requested the drilling waiver in 2015 and pushed for approval every few months since then, according to a person with knowledge of the matter who wasn’t authorized to speak publicly.