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UPDATED: Exxon Says U.S. Fine For Russia, Sechin Sanctions Violation ‘Unfair’

The U.S. government slapped ExxonMobil (XOM) with a $2 million fine for failing to disclose energy projects with a Russian executive subject to economic sanctions.

Exxon, which had sought a waiver for a Black Sea oil project with Russian-government controlled Rosneft, said the U.S. government action is "fundamentally unfair" and is an attempt to "retroactively enforce a new interpretation of an executive order that is inconsistent with the explicit and unambiguous guidance from the White House and Treasury ..."

According to an emailed press release from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), ExxonMobil and U.S. subsidiaries ExxonMobil Development Co. and ExxonMobil Oil Corp. violated Ukraine-related sanctions regulations in May 2014. According to the release, in that time period,

".... the presidents of [ExxonMobil's] U.S. subsidiaries dealt in services of an individual whose property and interests in property were...

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