Advised by Haynes and Boone, ExxonMobil Wins Suit Against U.S. Department of Treasury and OFAC.
A Texas federal judge on Dec. 31 issued a ruling granting ExxonMobil’s motion for summary judgment and vacating the penalty notice.
Exxon Mobil Corp. won a lawsuit challenging a $2 million fine levied against it by U.S. Treasury Secretary Steven Mnuchin after the company allegedly violated Ukraine-related sanctions with a series oil and gas deals in Russia.
Between May 14 and May 23, 2014, top U.S.-based Exxon executives signed eight documents with Igor Sechin, the head of state-run Rosneft, the Treasury’s Office of Foreign Assets Control (OFAC) said in the statement on its website.
The Treasury imposed sanctions on Sechin in April 2014 as part of measures to pressure Russia over its intervention in Ukraine. The sanctions prohibit U.S. citizens or people in the United States from dealing with those on the blacklist, such as Sechin. Rosneft itself is subject to narrower U.S. sanctions that still allow Americans to deal with the company on some transactions.
Haynes and Boone, LLP Partner Nina Cortell (Picture) and Counsel George Graves represented ExxonMobil in the matter, along with lawyers from Davis Polk & Wardwell LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
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