Washington extended sanctions on Russia last week over its aggression in Ukraine. The new measures seek to stop billions of dollars worth of cooperation between Western and Russian energy companies on oil drilling in Russia’s Arctic, in Siberia and offshore. Companies have until Sept. 26 to stop the work.
The U.S. Treasury Department gave Exxon a short extension to wind down a rig, beyond the 14 days outlined in the sanctions, the Texas-based oil major said on Friday without elaborating.
“Following the short time extension, the license is non-renewable and no further work is permitted,” Exxon spokesman Richard Keil told Reuters.
UPDATE 4-Exxon winds down drilling as U.S. sanctions hit Russia
http://www.reuters.com/article/2014/09/19/usa-exxon-russia-idUSL1N0RK1HA20140919
Whether Exxon is there or not, the oil is. And everybody knows it............
How does the US get to stop drilling in Russian territory?