In 2011, Exxon Mobil reached a deal with Russia to explore and drill for oil in Russia. The company also agreed to help a Russian government-controlled oil company with technology to drill in the Arctic.
This deal gave Exxon the right to drill on 63.7 million acres in Russia. In comparison, Exxon has the right to drill on 14 million acres in the U.S.
When the Russian military moved to annex Crimea, the U.S. government and European governments imposed sanctions that stopped Exxon from drilling in Russia and banned further transfer of technology to aid Russia in its deep-water drilling projects.
Now, Rex Tillerson, former president of Exxon Mobil, may be the new secretary of state of the Trump administration. Is this not a conflict of interest?
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I am betting that the sanctions will not remain in the near future.