On New Year’s Eve, a federal court relieved ExxonMobil of a $2 million fine levied against the company by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”). OFAC imposed the penalty against Exxon for...more
Today, under its Venezuela sanctions authorities, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Rosneft Trading S.A. (RTSA), the trading arm of Russian energy company Rosneft Oil...more
In an interesting end of year decision, issued on December 31, 2019, a District Court in Dallas issued a rejected OFAC’s enforcement action against Exxon Corporation imposing a $2 million penalty for violation of the Russia...more
• $2 million penalty against Exxon overturned • Court concluded that OFAC failed to provide clear notice of violative conduct • Companies are at risk when acting in context of ambiguous agency guidance At the end of...more
On February 17, 2015, the Government of Canada announced a new round of sanctions against Russian and Ukrainian individuals and entities, including leading Russian oil firm NK Rosneft OAO....more
The Russian Federal Antimonopoly Service (“FAS”) has cleared Rosneft’s US$ 55 billion acquisition of TNK-BP, subject to divestments and conduct remedies. The deal will reduce the number of major oil companies in Russia from...more