Wind-Swept-US-FlagIn a single sentence press release published to the OFAC website on 21 April 2017, Treasury Secretary Steven T. Mnuchin announced that OFAC “will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling prohibited by current Russian sanctions”. The announcement reinforces current US sanctions against Russia, which generally prohibit US persons from providing goods, services or technology in support of certain oil exploration or production activities in the Russian Federation and that involve designated parties or their property.