On July 20, 2017, the US Treasury Department Office of Foreign Assets Control (OFAC) announced that ExxonMobil (Exxon) must pay a $2 million penalty for violating US sanctions on Russia. On the same day, Exxon responded by suing OFAC.
There is a lot to this story, including a political angle given that current US Secretary of State Rex Tillerson was the boss of Exxon at the time of the violations. We will get to that, but we first want to focus on the potential implications of this action for US companies.
Read more at Global Trade
