THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

OFAC states no waivers for US companies from Russian sanctions

OFAC states no waivers for US companies from Russian sanctions

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has released a statement from US Secretary of the Treasury Steven Mnuchin that ‘in consultation with President Donald J. Trump’ the Treasury Department would not be issuing waivers to US companies to authorise acts currently prohibited by sanctions against Russia.

US oil and gas corporation ExxonMobil – whose former chairman is now US Secretary of State – had requested authorisation from the US Treasury to resume its Arctic joint venture with Rosneft, the Russian state-owned oil company, which was suspended after the imposition of US sanctions against Russia in 2014. The sanctions mean that US businesses are unable to participate in projects that involve the sharing of certain technology with Russian entities.

 

For OFAC’s announcement see:
https://www.treasury.gov/press-center/press-releases/Pages/sm0052.aspx

 

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