So much for the effectiveness of sanctions. Exxons numerous dealings include ones with Russias Rosneft, which is lead by the recently sanctioned Igor Sechin. As the sanctions are currently written, Sechin is barred from entering the United States, but U.S. companies can continue working with his company, Rosneft, from afar. The sanctions are deliberately vague, and even a bit confusing. One U.S. Treasury spokeswoman said U.S. persons cannot do business with sanctioned people or entities, though another clarified the U.S. companies can still do business with Rosneft. Just not their CEO, somehow. So, unless sanctions explicitly prevent Exxon from working with Rosneft, expect to see business as usual. Exxon will not stop or slow down its lucrative deals as a show of patriotism. As Exxons former CEO Lee Raymond once put it, “I’m not a U.S. company, and I don’t make decisions based on what’s good for the U.S.”
Posted on: Fri, 09 May 2014 16:01:46 +0000
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