Exxon Mobil Corp. won’t have to pay a fine for continuing to do business with a Russian state-run oil company amid increasing U.S. sanctions on the country, a federal judge ruled. Even though Rosneft wasn’t added to the U.S. sanctions list, the contracts were signed by the company’s chief executive, Igor Sechin, who was. The agency has since released additional guidance on the issue, cautioning companies against entering into contracts signed by blacklisted individuals. OFAC had argued that the plain language of the executive branch’s sanctions orders was enough to give Exxon fair notice. The ruling is a rare win by a company against the U.S. government’s sanctions enforcer, which has broad authority to enforce U.S. foreign policy.

Source: Wall Street Journal January 02, 2020 23:37 UTC