ExxonMobil and Chevron question sanctions against Russia


July 4, 2017 – Fort Russ News – 

KtoVKurse – By Inessa Sinchougova 

A number of major US energy companies, including ExxonMobil and Chevron, are concerned about the impending tightening of anti-Russian sanctions, which may lead to a stop in oil and gas projects around the world, writes The Wall Street Journal. 

Oil companies are concerned about a number of provisions of the document, including those that prohibit doing business with Russian citizens and companies subject to sanctions. The publication suggests that the speech against the bill on the part of large companies could potentially hinder its adoption by the US Congress.

The oil lobby supported the position of the president of the United States, Donald Trump, who expressed concern about the prospect of the extension of sanctions at the legislative level.

In addition, oil companies fear that after the adoption of the bill, they will be required to disclose information that relates to the field of trade secrets. It is known that the provisions of the bill on business cooperation with Russian partners have already raised concerns with companies such as General Electric.

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“This has far-reaching implications for a number of companies and industries. This can cause damage to US interests and be beneficial to Russia”, – said the executive director of the American Petroleum Institute.

The representative of ExxonMobil said that the corporation has not any specific position on sanctions against Russia, but it has provided information to members of Congress, explaining how the bill could put US companies at a disadvantage compared to non-US.

According to preliminary information, the anti-Russian sanctions could complicate Exxon partnership with “Rosneft” outside Russia, where the Russian company has a share: Permian project in the state of New Mexico, and in the Canadian province of Alberta.

The US Senate on June 15 approved a bill that provides for the introduction of new restrictions against Russia and Iran. The document has not yet passed the House of Representatives and has not been approved by Donald Trump.

If the document is approved, the Russian banks will not be able to receive from the US companies and individuals financing for more than 14 days. Term financing for Russian oil and gas companies will be shortened to 30 days. The bill states that in the future, sanctions may be imposed on the public debt of Russia.

The law assumes that the US president will be able to impose sanctions on individuals who want to invest in the construction of the Russian export pipelines of more than $ 5 billion a year.

According to Secretary of State Rex Tillerson, the bill would deprive the American administration of “sufficient flexibility” in negotiations with the Kremlin.

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