Exxon to challenge Treasury finding that it violated Russia sanctions

Washington

EXXON Mobil Corp says it is legally challenging a US$2 million fine assessed against it by the US Treasury Department for "egregious" violations of sanctions against Russia when now-Secretary of State Rex Tillerson was chief executive.

Treasury said on Thursday that the oil company violated Ukraine-related sanctions by signing eight legal documents related to oil and gas projects in Russia with Igor Sechin, head of Rosneft OAO, who is on Treasury's list of sanctioned Russian nationals. The violations occurred from about May 14-23, 2014, while Mr Tillerson led the company, Treasury's Office of Foreign Assets Control (OFAC) said in a statement.

Exxon responded in a statement that it has gone to the US District Court in Dallas to challenge the Treasury action. An Exxon spokesman, Scott Silvestri, called the Treasury Department fine "fundamentally unfair". US and European nations imposed sanctions to punish Vladimir Putin's regime for its actions in Ukraine. Among those targeted was Rosneft's Mr Sechin. Measures from former president Barack Obama's administration included as…