It has always been somewhat tricky to cooperate with Russian companies, but now it became even unprofitable. The Russian business tends to be rather flexible with laws and seems to care only about money.
Consequences of the Crimea annexation are looming over business prospects. Recently, the German conglomerate Siemens announced its intentions to suspend contracts with the Russian companies. Now, ExxonMobil reconsiders its partnership with Russia. The US Treasury Department has fined ExxonMobil $2 million for deals made with Rosneft. ExxonMobil alongside its subsidiaries ExxonMobil Development and ExxonMobil Oil was accused of violating the US sanctions against Russian individuals. The Treasury Department proved that the company signed eight legal documents in Russia with Igor Sechin, the President of Rosneft, despite the imposed sanctions. The contracts concerned oil and gas projects in Russia.
It was difficult to hide partnership with Russia especially amid multiple screaming headlines about yet another lucrative cooperation bypassing sanctions. As a result, ExxonMobile followed Siemens. Who is going to be next?
